DEEP YELLOW LIMITED — Investor Presentation 2017

Aug 2, 2017

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3 August 2017

ASX Market Announcements Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam,

Investor Presentation

Attached please find updated corporate presentation.

Yours faithfully

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JOHN BORSHOFF Managing Director/CEO Deep Yellow Limited

Unit 17, 100 Railway Road Subiaco, WA 6008 / PO Box 1770 Subiaco WA 6904 Tel : 61 8 9286 6999 / ABN 97 006 391 948 Email: admin@deepyellow.com.au / Website: www.deepyellow.com.au

Building for the Future

Corporate Presentation

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ASX : DYL OTC : DYLLF

August 2017

Disclaimer and Competent Person Statement

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.

The information in this presentation is based on and fairly represents information and supporting documentation prepared or reviewed by Mr Martin Hirsch, a Competent Person who is a Member of the Institute of Materials, Mining and Metallurgy (IMMM) in the UK. Mr Hirsch, who is currently the Exploration Manager for Deep Yellow’s subsidiary, 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’ and the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ Mr Hirsch consents to the inclusion in this presentation of the matters based on the information in the form and context in which it appears.

Mineral Resource Estimates disclosed in this presentation and compiled under the JORC Code 2004 have not yet been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

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Presentation Outline

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Introduction Uranium and Nuclear – Beyond Statistics Growth Opportunity & Strategy – The Right Platform Deep Yellow – Project Status Conclusions Annexure – Additional Data

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Deep Yellow Strategy

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A re-energised, well-funded and advanced uranium explorer

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New management & core team installed in October 2016

• Implementing a new growth strategy and delivering tangible early results

• Revitalised investor base with greater international interest

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New direction and impetus for existing Namibian projects

• Targeting major discoveries of R Ö ssing and Langer Heinrich style deposits

• Globally significant $4.5M farm-in with Japanese government partner JOGMEC

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Differentiated from other mid-sized uranium companies

• Unique experience and skillset from the formation and growth of Paladin Energy

• Strong shareholder and partner support for accretive, long-term growth strategy

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Experienced Leadership

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New Management Team led by John Borshoff

• From 1993 – 2015 advanced Paladin Energy from a small explorer into the only independent, multi-mine producer, with a multi-billion dollar market cap

• Possesses the necessary leadership to succeed in an increasingly complex technical environment across full project cycle – unique among non-producers

• Utilisation of a deep and established global uranium and nuclear industry network

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Key technical achievements include

• Successful exploration, construction and production from two modern, conventional uranium mines and establishing an extensive global project portfolio

• A high degree of innovation, with modern application of alkaline leach and high pulp density resin-in-pulp extraction processes plus successful nanotechnology utilisation

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Capital Raising and Sprott Alliance

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Strong funding support for new growth strategy

• Raised A$15.1 million in June 2017 for organic and inorganic growth

• Sprott (North America/Europe) & CPS Capital (Australia/Asia) co-managers

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Strategic Alliance with the Sprott Group

• Toronto-based investment group with a focus on the resource sector

• Sprott was an early and highly successful investor in Paladin Energy

• In 2016 partnered with John Borshoff to identify and providing funding support for, the optimum global uranium growth vehicle

• Participated in two capital raisings with Deep Yellow and now a 15.9% shareholder

• Sprott has the right to participate in future capital raisings to support further growth

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Corporate Overview

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Capital Structure – 17 July 2017
Shares on Issue	190
Market Cap (@ A$0.28 / share)	A$53M
Net Cash	~ A$14.5M
Major Shareholders
Sprott GroupAffiliate	15.9%
Collines Investments	10.3%
Directors & Management	6.3%

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* Ex-Paladin Executive team

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Presentation Outline

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Introduction

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Uranium and Nuclear – Beyond Statistics Growth Opportunity & Strategy – The Right Platform Deep Yellow – Project Status Conclusions Annexure – Additional Data

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Opportunity – Electricity Demand Growth

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Global Electricity
40.0
Consumption
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
2012 2020 2025 2030 2035 2040
NON-OECD OECD
Source: EIA Energy Outlook 2016
(Trillion KWh)
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Electricity consumption growing – reliable, baseload generation essential

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Uranium Market Snapshot

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No. of Reactors
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GWe
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Source: World Nuclear Association (as of 1 May 2017)

Unparalleled Growth in History of Reactor Builds

Nuclear Reactor Fleet 2017 2020 2025 2030 – Growth Forecast Reactors 447 490 550 650

Source: World Nuclear Association / Deep Yellow

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Globally, 8-10 new reactors will enter commercial operation every year from 2017

Planned / proposed reactor forecasts continue to rise

China: 2002 (4.5GWe) – planned 2020 capacity 58GWe increasing to 150 – 200GWe by 2030

Japan – 5 reactors operating. 24 reactors in process for restart. A further 13 operable, in limbo

Increasing rate of global reactor fleet growth post 2020 creating additional supply need with initial core loads

Long-term market demand fundamentals require extraordinary growth in uranium supply

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Supply Deficit Consensus but Price Anomaly Persists

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350
Total Demand
325 Spot price July ‘17 – US$20/lbSpot price 14 Mar 17 – US$24/lb
300 Historic low Feb ‘17 – US$17.5/lbHistoric low Feb 17 – US$17.5/lb
275
250
Supply Gap
225
200
175 Secondary Supplies New Mines
150
125 Existing Mines
100
2014A 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E
/ Year)
8
0
3
Supply and Demand (Mlbs U
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Sources: World Nuclear Association, Raymond James

NUCLEAR DEMAND STRONG – URANIUM PRICE LAG CLEAR

Date/Event	Operable Reactors	Under Construction	Planned	Proposed	U Required	Prevailing U price	~~?~~
Feb 2011 (pre-Fukushima)	443	62	156	322	69ktU	$73/lb
May 2017	447	59	170	372	68ktU	$20/lb

Source: World Nuclear Association

Extreme potential for prices to substantially overshoot incentive pricing

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Supply Gap and New Production Capability

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Uranium supply growth in the mid to longer term is highly uncertain

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Some nervousness amongst nuclear utilities:

• Supply shortage is inevitable – whether that occurs in 2020 or 2022 is irrelevant

• Certainty of future uranium supply is the core concern for utilities

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This reality will cause progressive upward price movement

• There is clear potential for the price to overshoot

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Few companies with proven capability to build and operate large production capacity to fill the emerging uranium supply shortage.

• A narrow window of opportunity exists to build a company that is capable of capitalising on this situation

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Presentation Outline

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Introduction

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Uranium and Nuclear – Beyond Statistics Growth Opportunity & Strategy – The Right Platform Deep Yellow – Project Status Conclusions Annexure – Additional Data

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Value Creation Strategy – Play the scenarios

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Imagine the uranium scene in 2020:

• The global nuclear fleet continues to grow

• Reality of predicted severe uranium shortage comes to fruition

• Once shortage sets in, prices will move significantly higher than the base incentive price

• Supply sector serviced by a diminished producer base – majors are currently facing challenges at Rössing, Ranger, Husab, Imouraren, Mkuju and Trekkopje operations

• Post-Fukushima, all uranium players are in survival mode, causing restricted ability for a timely supply response

• No significant low cost projects – there is a lack of shovel ready assets and teams with the proven expertise to develop new > 2Mlb pa uranium operations

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Value Creation Strategy – Make the alignment

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In this context, imagine a company acting counter cyclically

• Commences to position itself from 2017 with funding support

• Perfect opportunity to create exceptional shareholder value when prices are at cyclical lows focussing on sector consolidation backed by a high quality proven management team

• In parallel create significant value through resource upgrades making new discoveries on existing projects to build onto inventory organically

• Limited window of opportunity in which to act

Having a team with a unique and successful track record of building and developing a multi-mine uranium producer from a small explorer beginnings

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Vision for Growth – Our Key Objectives

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To grow value through contrarian investment and adopting a dual strategy for growth

• Build the in-ground inventory of prospective existing Namibian projects

• Build a multi-project global uranium platform through accretive acquisitions

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Extract full value from the potential that exists in Namibia

• High potential for new discovery and resource expansion within current tenements

• Namibia is a prime uranium mining and exploration jurisdiction

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Develop a global pipeline with growth potential and optionality

• Assess project acquisition opportunities while capital scarce and prices low

• Objective to create a geographically diversified, multi project platform capable of supporting annual production 5–10Mlb

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Create a genuine independent, alternative supplier for utilities

• Maintain a register of supportive, long-term investors that share our vision

• Partner with high calibre organisations where value can be created for both sides

• Give confidence of a new dependable uranium supplier that can come on-stream

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World Class Team

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New management team led by John Borshoff

• From 1993 – 2015 advanced Paladin Energy from a small explorer into the only independent, multi-mine producer, with a multi-billion dollar market cap

• Possesses the necessary leadership to succeed in an increasingly complex technical environment across full project cycle – unique among non-producers

• Utilisation of a deep and established global uranium and nuclear industry network

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Key technical achievements include

• Successful exploration, construction and production from two modern, conventional uranium mines and establishing an extensive global project portfolio

• A high degree of innovation, with modern application of alkaline leach and high pulp density resin-in-pulp extraction processes plus successful nanotechnology utilisation

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Deep Yellow – Namibian Projects

Situated within the Namibian Uranium proven, exceptionally prospective Province contains Resources of 1.5Blb (Measured & Indicated) plus 350Mlb (Inferred) U3O8 all within a 50km radius. Additionally, to date the region has * produced 320Mlb* U3O8. Source: WNA (March 2017)

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Highly favourable jurisdiction for uranium exploration and development

Four adjoining tenements of 1,730km2 in the heart of a strategically significant uranium province

• Equally prospective for Rössing / Husab and Langer Heinrich style deposits.

Reptile: (EPLs 3496 / 97) – 1,131km[2] (100%)

• Up to 2016 previous workers discovered 7 in sparsely separated but small deposits.

• New geological interpretation and target definition identified significant new prospective targets in 2017 .

• Tenements contain 120km of highly prospective palaeochannel of which 80% is inadequately tested.

Nova JV: (EPLs 3669 / 70) – 599km[2] (65%)

• Prospective basement and palaeochannel targets identified.

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Palaeochannel Targets & Exploration Objectives

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Uranium resources previously defined in numerous small deposits:

• 50.1Mlb U3O8 @ 245ppm (palaeochannel-related, Langer Heinrich style)

• 45.1 Mlb U3O8 @ 420ppm (alaskite-related, Rössing/Husab style)

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Main Exploration Target: Langer Heinrich style palaeochannel deposits

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Objective: To find an additional 45 - 100Mlb U3O8 in 300 - 500 ppm grade range considered geologically and statistically possible*

• Mineralised palaeochannels contain between 2Mlb – 12Mlb U3O8/km so reasonable to

• expect 3 – 5Mlb U3O8/km in the target grade range

• Conservatively expect to delineate 3 – 4 mineralised zones along the 100km of

• prospective palaeochannels define representing 15 – 20km of mineralised zone

* The potential quantity and grade of the exploration target is conceptual in nature, and that there has been insufficient additional exploration to estimate an expanded Mineral Resource at the date of this presentation and whilst additional exploration is planned it is uncertain if this will result in the estimation of an expanded Mineral Resource. Following a complete review and evaluation of calcrete associated mineralisation already identified on the Company’s tenements which commenced in the December Quarter (Refer ASX announcement 19 January 2017). The Company has a greater understanding of the stratigraphy of the palaeochannels which host mineralisation. (Refer also slide 18 Namibian Projects). This work has provided renewed confidence that mineralisation is likely to be identified in targeted but contiguous areas on our tenements. Targeted tonnage/grades are based on results and understanding from work carried out over past 10 years in this region. The exploration targets are planned to be tested over the next 12 to 24 months by an exploration program including geophysical field work and drill testing of targeted areas.

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Reptile Palaeochannels – New Discovery

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Target delineation work has defined Tumas 3, S Bend and S Bend East as priority exploration areas – first drill program conducted at Tumas 3 Drilling made new discovery at Tumas 3:

• Results shows similar characteristics to mineralisation at the Langer Heinrich mine

• Confirming 100km of highly prospective palaeochannels have been inadequately tested

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LANGHER HEINRICH MINE
NEW DISCOVERY
Tumas Zone 3
Tubas West
Target Area Tumas 3
Exploration Drilling
Resource
Drilling Area
S BEND EAST
TUBAS Red
Sand
Resource EPL3497
S BEND
TUMAS Resource
Zone 1
EPL3496 TUMAS Resource
Zone 2 Future Targets
Established Resources
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Tumas 3 Uranium Discovery

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Mineralisation defined by 284 positive holes out of 400 drilled on 100mx100m Mineralisation 4.4km long and open to the west and east

Maiden resource expected in the September 2017

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Reptile Basement Targets

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Current basement resource (alaskite and skarn type) 45Mlb U3O8 at 420ppm within the Alaskite Alley corridor

Testing in 2017 of geophysical methods to identify targets beneath cover

Targets are contiguous to known mineralised zones

EPLs 3496/97

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Nova JV – Landmark Japanese Earn-In

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New strategic farm-in agreement with leading Japanese partner JOGMEC

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• A$4.5M over four years to earn a 39.5% interest

• Deep Yellow (65%) remains manager and may dilute to 39.5%

Tenements considered prospective for Langer Heinrich and Rössing / Husab style target

• Two prospective palaeochannel targets and

• Basement conductors associated with alaskite rocks located

Drill testing planned on both basement and palaeochannel targets late 2017

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Objectives & Framework for Expansion

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• Short term: position Deep Yellow as a leading global uranium investment vehicle

• A$15.1M raised provides a strong foundation for future activities

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Short / medium term: resource enhancement on Namibian projects and execute on sector consolidation strategy

• Leverage management’s skillset to acquire a robust project pipeline

• Identify the combination of projects to deliver the best value / production profile outcomes

• Targeting projects with >2Mlb pa production potential and an IRR >20%

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: Value capture attract end users, current producers and alliance partners looking for access to a geographically diverse platform

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Leverage through partnerships: where partners can bring uranium resources, capital and market access to create shared benefits

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Key Takeaways

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New focus and positioning for the next uranium cycle

• Strategy now clearly defined under new management

• Strategic Alliance with Sprott in place and investor base regenerated

• Well funded with ~$14.5M cash post June capital raising

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Building the premier global uranium consolidation vehicle

• Establish a geographically diversified asset base

• Namibian excellent results an new projects returning early including exciting

• discovery

• Acquire assets spanning advanced exploration and early development

• Establish a platform with production optionality and value creation opportunities

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Management team with a successful track record of execution

• Uranium market analogous to the depressed conditions of ~15 years ago making an opportunity for high wealth creation with contrarian investment approach

• Unrivalled experience in project acquisition, exploration, construction and operation

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Contact Details

John Borshoff Managing Director / CEO

Deep Yellow Limited Unit 17, Level 2

Spectrum Building, 100 Railway Rd Subiaco, Western Australia 6008 T +61 8 9286 6999 Email: john.borshoff@deepyellow.com.au

Email: info@deepyellow.com.au Website: www.deepyellow.com.au

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ASX - DYL OTC - DYLLF NSX - DYL

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ANALAYSIS BY INDEPENDENT RESEARCHER – SMITHWEEKLY INTERNATIONAL

During the last 8 year uranium cycle: 2003-2011 Some Enjoyed Truly Exceptional Gains

• Uranium “bluechip” Cameco Corp:

+1233%

• Explorer Energy Fuels:

+4130%

• Explorer Mega Uranium:

+3152%

• Explorer Uranium Resources:

+10172%

… Then, an anomaly

• A rare, once-in-a-lifetime case of Paladin,

• the firm founded by John Borshoff:

+86900%

“John Borshoff is now at the helm of Deep Yellow, doing the early work that caused Paladin to become a success in the last cycle.”

THE BEST INVESTMENT OF THE DECADE NUCLEAR ENERGY – April 2017

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JORC Resources Status

Deposit Category Cut-off (ppm U3O8) Tonnes (M) U3O8 (ppm) U3O8 (t) U3O8 (Mlb)	**Resource Categories (Mlb U3O8) **
	Measured Indicated Inferred
BASEMENT MINERALISATION 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	- 7.2 - - - 6.2 6.7 - - - 7.8 - - - 10.6 4.3 - - - 1.0 - - - 1.3
Omahola Project Sub-Total 48.7 420 20,400 45.1	11.0 16.0 18.1
CALCRETE MINERALISATION 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 JORC 2004
	- 4.1 - - - 8.6 8.2 - - - 4.8 - - - 0.3 - - 6.1
Tubas Sand Project Total 34.0 170 5,800 12.7
Tumas Project - JORC 2012 Tumas Deposit ♦ Measured 200 9.7 386 3,700 8.2 Tumas Deposit ♦ Indicated 200 6.5 336 2,200 4.8 Tumas Deposit ♦ Inferred 200 0.4 351 150 0.3
Tumas Project Total 16.6 366 6,050 13.3
Tubas Calcrete Resource - JORC 2004 Tubas Calcrete Deposit Inferred 100 7.4 374 2,800 6.1
Tubas Calcrete Total 7.4 374 2,800 6.1
Tumas Project - JORC 2012 Aussinanis Deposit ♦ Indicated 150 5.6 222 1,200 2.7 Aussinanis Deposit ♦ Inferred 150 29.0 240 7,000 15.3 JOR 004	- 2.7 - - - 15.3
Aussinanis Project Total 34.6 237 8,200 18.0
Calcrete Projects Sub-Total 50.1	8.2 11.6 30.3
GRAND TOTAL RESOURCES 141.3 306 43,250 95.2

Notes: Figures have been rounded and totals may reflect small rounding errors.

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