DEEP YELLOW LIMITED — Investor Presentation 2016

Apr 11, 2016

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Deep Yellow Limited

Proactive Investors Spotlight CEO Investor Presentation 12 & 13 April 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 exploration company - Focussed on near term development of its Tumas Calcrete Project:

• Highest grade undeveloped calcrete resource in Namibia (~350ppm)

• Extensive palaeochannel ~ 100 kilometres for resource upside

• Potential application of novel processing technique for mid size comparatively low capex/opex operation

• Close proximity to three existing world class mines (for offtake)

• Existing infrastructure, well established, supportive uranium

• jurisdiction

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– Namibia a leading African mining investment destination – Elephant country exploration upside Husab, Rössing, Langer Heinrich

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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 4 Apr 2016

Shares on Issue	1,931M
Performance Rights	61.8M
Market Cap (@ 0.7c/share)	~ AUD 13.5M
Net Cash	~AUD 2M
Major shareholders:
Paladin Energy Limited	16.5%
HSBC*	13.1%
National Nominees**	9.2%

• Including Raptor Partners Limited

Greg Cochran	ManagingDirector
Ursula Pretorius	Financial Controller
Martin Hirsch	Exploration Manager

• ** 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 tank leach for Omahola

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Note: EPLs 3496, 3497, 3669 & 3670 are under renewal

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• Progressing projects cautiously to be well positioned at market recovery

• Tubas Sand Project: Summary Prior to Fukushima, Omahola Project prioritised:

• Hard rock, open pit, acid tank leach

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• Supplementary supply planned from Tubas Sand Project

• Alaskite focussed exploration to boost Omahola resource base Fukushima prompted cautious approach & cash conservation Search for low cost, low technical risk project for earlier cashflow Tubas Sand Project:

• Satellite supply business model adopted

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• No offtake commitment – Project suspended

• Reassessment of Omahola Project – heap leach Successful Palaeochannel Review

• Marenica Testwork – possible amenability of U-pgrade[TM] process

• Successful Infill drilling program & geophysical interpretation

• Test market appetite for satellite supply business model – higher grades and potential for cleaner product, lower transport costs

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The highest grade undeveloped calcrete resource in Namibia. An Tubas Sand Project: Summary extensive mineralised palaeochannel system in excess of 100 kilometres, consisting of a number of existing defined deposits: Tumas Calcrete 1, 2 & 3; Tubas Calcrete and Tubas Sand

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JORC 2004 Palaeochannel Resource: 22.2 Mt at 368 ppm for 18 Mlbs U3O8[*]

* Excluding Tubas Sand Deposit

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Marenica U-pgrade[TM] Process Tubas Sand Project: SummaryDevelopment closely monitored by DYL since 2013

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Process potentially more effective than the Schauenburg Plant (used on DYL’s Tubas Sand Project) U-pgrade[TM] could significantly reduce capital and operating costs

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2014 – First Steps

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• Mineral characterisation tests completed by Marenica in Australia on Sand and Calcrete samples Concluded process may be applicable to DYL palaeochannels

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• Could significantly reduce capital, operating & transport costs for the Sand and Palaeochannels Apply Sand Project strategy – Satellite supply of intermediate product to existing producer

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2015 – Building Blocks in Place

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Initial Resource review – completed Small Infill grade control drill program – completed

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• Geophysics Assessment – completed

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Market Assessment for potential offtakers commenced and is ongoing

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• Preparation for metallurgical testwork – bulk sample excavated

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2016 – Gathering Momentum

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Marenica metallurgical testwork underway in Perth

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Project planning, assuming success

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• Resource update work underway

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Planning follow-up exploration program

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Tubas Sand Project: Summary Marenica U-pgrade[TM] Plant: Assumes ROM Capacity 2Mtpa ore feed - 3 Stage Processing Plant

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

U-pgrade [TM]
Clay
Beneficiation
And Carnotite
(Scrubbing &
Calcite Concentration
Attrition)
Tumas Ore Removal
~2,000,000 t @ ~350ppm
Uranium Concentrate 3
~40,000 t @ up to 15,000ppm
or
Yellowcake Toll Treatment
Uranium Concentrate 2
~3,000 to 3,500ppm or
production Concentrate
sale
Uranium Concentrate 1
----- End of picture text -----

*** Based on indicative mineral characterisation analysis & Marenica estimates only – subject to confirmation by additional testwork & feasibility studies**

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Tubas Sand Project: Summary New Geophysical Interpretation offered glimpse of significant upside potential

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Map showing interpretation of depth to basement of the palaeochannel system across EPL 3496

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Cross sections of historical drilling show varying drill penetration

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Potential for significant resource expansion over large parts of the palaeochannel

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Tubas Sand Project: Summary First bulk sample excavated November 2015 – Arrived Perth December 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

Given its prior offtake discussions for the Tubas Sand Project DYL has a unique insight into the potential market for offtake 14

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Potential for fast track, low cost project – First production mid-2019?

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Step 1: Scoping Metallurgical Testwork & Resource Work: H1 2016*

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• First phase laboratory metallurgical testwork, ~1 tonne sample to generate high level design data Resource update – increase in size and confidence (JORC 2012) Will allow decision on PFS

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Step 2: Tumas Project PFS: H2 2016 – H1 2017* Lab scale variability testwork

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Design, schedule & costing

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• Resource expansion & further delineation (if required)

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Finalise SEIA & lodge Environmental Licence Application (Scoping SEIA already approved)

Step 3: Tumas Project DFS: H2 2017 – H1 2018*

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~30 tonne pilot plant metallurgical test (if required) Detailed design, schedule & costing

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• Confirmatory metallurgical testwork (if required) Lodge Mining Licence Application

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Step 4: Project Finance, Development & Commissioning: H2 2018 – H1 2019* Comparatively low capital cost project anticipated if satellite supply business model is adopted If U-pgrade[TM] is successful, even a plant producing yellowcake will have comparatively low capex

*Assumes successful outcomes from resource, project and metallurgical work as well as commercial discussions and permitting success

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Gathering Momentum in a Challenging Market Environment

Tumas Calcrete Project - Potential for fast track, low cost project

• Initial testwork encouraging, next step underway

• Untapped resource potential – to depth and extensive – across ~100 km channel

• Satellite supply business model or standalone optionality

Omahola Project – Ongoing progress

• Independent consultants confirm preliminary economic analysis of heap leach

• Capex estimate improvements with grass hopper application

• Nearby exploration targets could supplement resource base

Tubas Sand Project – On hold, but could be included in Calcrete Project

• Expansion & Infill drilling program ready to go

• Metallurgical testwork planning completed

• Still available for supplemental feed to any DYL project at higher prices

Exploration – Unparalleled prospectivity

• Exciting exploration potential remains – Can DYL find the next Husab?

• Improving uranium market sentiment

• Highly leveraged to looming correction in uranium spot price

Leading location, Clear focus, High prospectivity, Proven delivery record

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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

JORC 2004 Resource: 48.7 Mt at 420 ppm for 45.1 Mlbs U3O8 (tank leach)*

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‘PEA’ – preliminary economic analysis completed (Internal study – ASX release 4 June 2014) Heap leach operation more economically attractive

Results included:

• Average strip ratios similar at 4.2:1 (waste:ore)

• Production rates between 2.5 to 3.5 Mlbspa U3O8 were modelled (7 ~ 10 Mtpa or ore)

• Life of mine of between 10 and 14 years

• Down dip potential of MS7 confirmed

Metallurgical testwork required to prove concept Next Steps (underway):

• Review & update preliminary economic analysis using independent consultants

• Plan scoping level metallurgical testwork

• Assess other development opportunities

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*ASX Release, 4 February 2013

Tubas Sand Project: Summary JORC 2012 Resource: 34 Mt at 170 ppm for 12.7 Mlbs U3O8[*]

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Resource update completed:

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Covered smaller, selected area Average grade up but resource smaller

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Upside potential remains – drill program designed to infill & extend resource

DRA techno-economic study completed

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Intermediate product preferred strategy Production ~750,000 lbs/year U3O8 FOB minesite costs below US$25/lb Transport cost makes project marginal

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Offtake contract essential

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All three mines approached Unwilling to commit

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Other metallurgical testwork

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Shipped samples to Australia for test by Marenica U-pgrade[TM] process may work

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Planned work on hold due to no offtaker

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Infill & expansion drill program design completed Supplemental metallurgical testwork planned

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*ASX Release, 24 March 2014 ** DRA Study, ASX Release, 8 May 2014

JORC Resources (in this presentation)	JORC Resources (in this presentation)	JORC Resources (in this presentation)	JORC Resources (in this presentation)	JORC Resources (in this presentation)	JORC Resources (in this presentation)	JORC Resources (in this presentation)	JORC Resources (in this presentation)
		Cut-off	Tonnes		U3O8	U3O8	U3O8
	Deposit	(ppm U3O8) Category	(M)		(ppm)	(t)	(Mlb)
		Omahola Project - JORC 2004
INCA Deposit		Indicated 250	7.0		470	3,300	7.2
INCA Deposit		Inferred 250	5.4		520	2,800	6.2
Ongolo Deposit #		Measured 250	7.7		395	3,000	6.7
Ongolo Deposit #		Indicated 250	9.5		372	3,500	7.8
Ongolo Deposit #		Inferred 250	12.4		387	4,800	10.6
MS7 Deposit #		Measured 250	4.4		441	2,000	4.3
MS7 Deposit #		Indicated 250	1.0		433	400	1.0
MS7 Deposit #		Inferred 250	1.3		449	600	1.3
Omahola Project Total			48.7		420	20,400	45.1
		Tubas Sand Project - JORC 2012
Tubas Sand Deposit #		Indicated 100	10.0		187	1,900	4.1
Tubas Sand Deposit #		Inferred 100	24.0		163	3,900	8.6
Tubas Sand Project Total			34.0		170	5,800	12.7
		Tubas-Tumas Palaeochannel - JORC 2004
Tumas Deposit		Indicated 200	14.4		366	5,300	11.6
Tumas Deposit		Inferred 200	0.4		360	100	0.3
Tubas Calcrete Deposit		Inferred 100	7.4		374	2,800	6.1
Tubas-Tumas Palaeochannel Total			22.2		369	8,200	18.0
TOTAL RESOURCES			104.9		328	34,400	75.8
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 eU3O8values are reported it relates to values attained from radiometricallyloggingboreholes.
	Gammaprobes were calibrated at Pelindaba,South Africa in 2007 and sensitivitychecks are conducted
	by periodic re-loggingof a test hole to confirm operation		between 2008		and 2013.
	Duringdrilling, probes are checked dailyagainst a standard source.

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.

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

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