DEEP YELLOW LIMITED — Investor Presentation 2017

May 14, 2017

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15 May 2017

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

Dear Sir/Madam,

Investor Presentation

Please find attached updated investor presentation which also includes reference to recently announced positive drilling results from Deep Yellow’s 100% owned Namibian Project.

Yours faithfully

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JOHN BORSHOFF Managing Director/CEO Deep Yellow Limited

Unit 1, 100‐104 Railway Road Subiaco WA 6008 / PO Box 1770 Subiaco WA 6904 Tel : 61 8 9286 6999 / Fax : 61 8 9286 6969 / ABN 97 006 391 948

Email: admin@deepyellow.com.au / Website: www.deepyellow.com.au

Investor Presentation Update

John Borshoff Managing Director / CEO May 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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2

Overview

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New management & core team in place

• Revitalised investor base with greater international interest

• Key alliance with the Sprott Group to support the Deep Yellow’s growth

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Strategic review completed and A$15M capital raising initiated

• Rights issue to raise $15M on a 7 for 15 basis with free attached option

• Conditions right to deliver shareholder growth through contrarian acquisitions

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New direction and impetus for existing Namibian projects

• Targeting a major discovery of a Rossing or Langer Heinrich style deposit

• Highly significant new JV agreement with Japanese partner JOGMEC

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Deep Yellow differentiated from all other mid-sized U companies

• Unrivalled “A to Z” uranium knowledge and proven sector experience

• Strong support from JV partners and investors for accretive growth strategy

A unique and successful track record of building and developing a multimine uranium producer from the beginnings as a small explorer

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3

Corporate Overview

	Board Rudolf Brunovs Interim Chairman John Borshoff Managing Director / CEO Gillian Swaby Director Christophe Urtel Director Mervyn Greene Director Justin Reid Director *Mark Pitts Company Secretary Executives and Management Perth John Borshoff Managing Director / CEO Gillian Swaby Corporate / Finance Ursula Pretorius Financial Controller Ed Becker Exploration / Res. Dev. *Namibia Martin Hirsch Exploration Manager * Ex-Paladin Executive team		Capital Structure – as at 5 May 2017
			Shares on Issue 129.6M***
			Market Cap (@ A$0.275 / share) ~A$35M***
			Net Cash @ 31 Mar 17 ~ A$1.4M***
			Major Shareholders
			Sprott GroupAffiliate 12.41%
			Collines Investments 10.36%
			HSBC 8.89% _Includes Raptor Partners Limited_ Share Price Development ***Excludes Non-Renounceable Entitlement Offer launched 5 May 2017

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4

Capital Raising and Sprott Alliance

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Non-Renounceable Entitlement Offer* to support new strategy

• Capital raising to raise up to A$15 million to support new growth strategy

• Eligible shareholders able to subscribe for new shares priced at A$0.25 per share on the basis of 7 shares for every 15 shares held

• Each new share to attract a free attaching, listed option with an exercise price of A$0.50 and expiring on 1 June 2022 (unless accelerated)

• Sprott Private Wealth LP (“SPW)” & CPS Capital (Australia/Asia) acting as co-managers for the issue

• Exploration Capital Partners (“Explo”- Deep Yellow’s biggest shareholder and an associate of Sprott) has committed to take up its 12.41% entitlement and SPW and an associate will seek to place the first A$7.5 million (less the amount of Explo’s 12.41% commitment) of any shortfall

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Strategic Alliance with the Sprott Group

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

• Successful uranium investor and strong supporter of Deep Yellow’s new growth strategy

• Certain affiliates of the Sprott Group have the right to bid to place or find subscribers for future capital raisings while Explo holds a minimum 10% equity in Deep Yellow

*Refer to ASX announcements dated 5 May 2017 for full details of the Non-Renounceable Entitlement Offer.

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5

Presentation Outline

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Uranium and Nuclear – Beyond Statistics Growth Opportunity & Strategy – The Right Platform

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Deep Yellow – Status and Objectives

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Annexure – Additional Data

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6

Uranium Market Snapshot

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160 500
347 reactors
140 (391.3GWe ) 450
400
120
447 reactors 350
(391.4GWe)
100
300
80 250
200
60
164 reactors
(170.8GWe ) 150
40 30 60 reactors 34
(64.5GWe ) 25 100
20 14
50
0 0
Current Nuclear Under Planned Proposed
Capacity Construction
Countries China Russia India
South Korea Japan US
GWe
No. of Reactors
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Source: World Nuclear Association (as of 1 Jan 2017)
Unparalleled Growth in History Nuclear Reactor Fleet – Growth Forecast 2016	of Reactor Builds 2020 2025 2030
Reactors 447	495	550	650

Source: World Nuclear Association / Deep Yellow

Globally, 10 new reactors entered commercial operation in 2015 Planned / proposed reactor forecasts continue to rise China: 2002 (4.5GWe) – planned 2020 capacity 58GWe increasing to 150 – 200GWe by 2030 Japan – 24 reactors submitted for safety review, 5 reactors approved by NRA. First reactors operational in August 2015 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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7

Opportunity – Supply Deficit Consensus

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350
325 Spot price Spot price 14 Mar 17 – US$24/lbMay 17 – US$21.5/lb Total Demand
300 Historic low Feb 17 – US$17.5/lbHistoric low Feb 17 – US$17.5/lb
275
250
Supply Gap
225
200
175 Secondary Supplies New Mines
150
125 Existing Mines
100
2014A 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E
Incentive Prices(IP) US$ / lb
Sources: World Nuclear Association, Raymond James
300 $120
$100
Total Demand
250 $80
$60 Supply Gap
New Mines @ US$100 / lb IP
200
New Mines @ US$80 / lb IP
Mines Currently Under Construction New Mines @ US$60 / lb IP
150
100
Existing Mines
50
Secondary Supplies
0
2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
Source: Paladin 2015
/ Year)
8
0
3
Supply and Demand (Mlbs U
(Mlbs)
8
O
3
U
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Strong potential for prices to substantially overshoot the incentive price

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Uranium and Nuclear – Beyond Statistics

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Growth Opportunity & Strategy – The Right Platform Deep Yellow – Status and Objectives

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Annexure – Additional Data

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9

Value Creation Strategy

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Imagine the scene in 2020:

• The global nuclear fleet continues to grow

• Reality of 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 – note difficulties experienced by majors at Husab, Imouraren, Mkuju, Rossing and Ranger

• Post-Fukushima, all uranium players have been forced into survival mode, causing structural limitations to the sector and stifling the possibility of a timely supply response

• Single project companies have not developed any significant new projects – there is a lack of shovel ready assets and teams with the proven expertise to develop new projects

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In this context:

• A company that anticipates the current situation starting to position itself during 2017

• Perfect opportunity to create exceptional shareholder value by consolidating assets under a vehicle run by a high quality management team when prices are at cyclical lows

• Significant value can also be created through exploration and drilling by making new discoveries to build an organic resource base

• There is a limited window of opportunity in which to act

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10

Vision for Growth

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Deep Yellow has a clear, dual strategy running in parallel

• Focus on increasing the value of existing exploration projects in Namibia

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

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Extract full value from the potential that exists in Namibia

• Multiple opportunities for discoveries and resource upside within existing tenements

• Premier uranium mining jurisdiction with transparent regulatory framework

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Develop a global pipeline with growth and optionality

• Current assets span early stage discovery and resource expansion opportunities

• Objective is to develop a project pipeline with multiple, phased development options

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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

• A core team that has “been there, done that” across the uranium project life cycle

• Give utilities confidence in the ability to be a dependable uranium supplier of choice

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What Differentiates the New Deep Yellow?

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The typical emerging uranium player – single project, promoter driven, unproven management and “struck in the groove”

• Generally, years away from production possibilities

• History tells us any new, large, high-grade Canadian discoveries will potentially suffer 10-15+ year delays due to severe permitting/regulatory constraints

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Deep Yellow is looking beyond this narrow band approach

• To create a sizeable uranium platform to support annual production 5 – 10Mlb

• Establish diversification across attractive geographies on projects with low technical risk – conventional open pit and ISR potential

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Unique prerequisites to execute on its consolidation strategy

• Once-in-a-cycle opportunity and Deep Yellow can be a partner of preference

• Low spot prices, capital shortage and availability of good assets

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Quality management team able to execute plan

• Credibility of a core team that launched two new mines in the last 15 years

• Ability to use advanced technologies to exploit low grade deposits and turn these into first quartile cash cost operations

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12

World Class Team

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New Management team led by Managing Director, John Borshoff

• Advanced Paladin Energy from a small explorer into the only independent, multi-mine producer in the last uranium cycle

• Possesses the necessary leadership and capability to succeed in an increasingly complex technical environment from exploration / resource development / design to uranium mining and product marketing – an “A to Z” expertise – unique amongst nonproducers

• Core team in place with the intention to further scale-up in line with activities

• 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, including utilising the first modern application of alkaline leach extraction and resin-in-pulp extraction processes

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13

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Uranium and Nuclear – Beyond Statistics

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Growth Opportunity & Strategy – The Right Platform

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Deep Yellow – Status and Objectives

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Annexure – Additional Data

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14

Deep Yellow – Namibian Projects

Situated within the proven, exceptionally prospective Namibian Uranium 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

Deep Yellow holds four contiguous EPLs covering 1,730km[2] within the heart of this strategically significant uranium province

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

• Tenements located 20km south of Husab deposit and 40km SW of Langer Heinrich deposit.

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

• 750,000m drilled over 10 years significant uranium resources in isolated scattered deposits.

• New geological understanding and geophysical data target definition has identified significant new prospective targets. o Tenements contain 120km of highly prospective palaeochannel of which only 20km adequately tested.

• Tenements contain target alaskite sequences extending from nearby Husab/ Rössing uranium deposits.

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

• Prospective basement alaskite (Rössing) and palaeochannel / calcrete (Langer Heinrich) targets already successfully identified.

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15

Nova JV – Landmark Japanese Earn-In

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Current JV equity: Deep Yellow 65% (Manager), Toro Energy 25%, Sixzone Investments 10%

• EPLs 3669/70 recently renewed to Nov 2019

New strategic farm-in agreement with leading Japanese partner JOGMEC

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

• No JOGMEC equity unless full expenditure

• DYL remains manager and will dilute to 39.5%

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

• Mapping confirms earlier defined alaskite targets associated with radiometric anomalism

• Two prospective palaeochannel targets on EPL 3669 and basement conductors associated with alaskite rocks located on both tenements

• Further target delineation planned using IP

Drill testing planned on both alaskite and palaeochannel targets late 2017

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Reptile – Palaeochannel Targets

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Targeting Langer Heinrich style palaeochannel uranium deposits

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An exploration target of approximately 120 – 150Mt to provide between 80 – 100Mlb U3O8 in 300 to 500 ppm U3O8 range is considered statistically and geologically possible*

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The process used to determine the tonnage and grade ranges used in the above exploration target is as follows:

• Our experience of the known mineralisation on tenements shows that fertile palaeochannels in the region when mineralised contain between 2Mlb – 12Mlb U3O8/km therefore reasonable to expect 3 – 5Mlb U3O8/km in the 300 – 500ppm grade range

• From our previous experience and new analysis of the data we conservatively expect to delineate 3 – 4 mineralised zones along the 100km of prospective palaeochannel exploration target that has been identified representing 15 – 20km of mineralised zone with potential for 45Mlb – 80Mlb

* 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 15 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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17

Reptile Palaeochannels – New Uranium Discovery

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Target delineation work has defined three new priority exploration targets – Tumas 3, S Bend and S Bend East

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• Exciting new discovery at start of 10,000m drill program at Tumas 3: • Extensive new zone of mineralisation intersected in 60 of first 72 holes of program

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

• Mineralisation encountered along 1.2km and is open immediately to the NE, SW and SE

• 100km of highly prospective palaeochannels have been inadequately tested

• Maiden resource for new zone expected in the September quarter 2017

Current re-evaluation work expected to identify new exploration targets.

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New Discovery
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18

Reptile Basement Targets

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

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Testing in 2017 of geophysical methods to identify targets beneath cover

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Targets are contiguous to known mineralised zones

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EPLs 3496/97
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19

Objectives Framework for Expansion

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Short term: corporate reorganisation completed providing a strong foundation for future activities

• Positioning Deep Yellow as a leading global uranium investment vehicle

• Capital raising of up to A$15 million launched to initiate growth objectives

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Short / medium term: resource enhancement on Namibian projects and execute on consolidation strategy during the next 18 months

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

• Further refine and identify the combination of projects which deliver the best value / production profile outcomes

• Target projects with existing resources with high potential to significantly enhance

• o Projects with >2Mlb pa production potential and an IRR of >15%

• Opportunities will only be pursued that are value accretive for Deep Yellow shareholders

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

• Consider partnerships where partners can bring skillsets, resources or capital that creates shared benefits

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20

In Summary

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New focus and positioning for the next uranium cycle

• Strategy now clearly defined under new management

• Strategic Alliance with the Sprott Group in place and investor base regenerated

• Preparatory corporate restructure completed

• Launch of capital raising to support new strategy

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Building the premier global uranium consolidation vehicle

• Establish a geographically diversified asset base

• Namibian projects returning excellent early results including an exciting new discovery

• Assets spanning multiple stages of exploration and development

• Significant optionality and value creation opportunities within the group

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Management team with a successful track record of execution

• Uranium market analogous to the depressed conditions of ~15 years ago

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

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Uranium and Nuclear – Beyond Statistics

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Growth Opportunity & Strategy – The Right Platform Deep Yellow – Status and Objectives

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Annexure – Additional Data

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22

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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No slowdown in consumption anticipated – clean generation essential

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23

Supply Gap and Production Capacity

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Uranium supply in the mid to longer term is highly uncertain

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Uncertainties and nervousness exist amongst utilities:

• When is supply shortage going to set in – by 2020, 2022 or sooner?

• Certainty of uranium supply is a matter of great concern for utilities

• Uncertainty remains about the timing of when the supply shortage will set in, however, it is widely recognized that there will be a supply gap

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Growing realisation of this reality will cause progressive upward price movement

• Once the uranium price hits US$40/lb, a market frenzy is expected to occur

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A narrow window of opportunity to capitalize on this situation exists

• The opportunity is not simply the Supply Gap.

• It is also about who can credibly build the extra production capacity.

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24

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 - 2.7 - - - 15.3
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
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.

25

Contact Details

John Borshoff Managing Director / CEO

Deep Yellow Limited Unit 1, Spectrum Building, 100 Railway Rd Subiaco, Western Australia 6008 T +61 8 9286 6999 F +61 8 9286 6969 Email: john.borshoff@deepyellow.com.au Email: info@deepyellow.com.au Website: www.deepyellow.com.au

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