DEEP YELLOW LIMITED — Investor Presentation 2018

Jul 18, 2018

==> picture [379 x 39] intentionally omitted <==

==> picture [379 x 38] intentionally omitted <==

19 July 2018

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

CORPORATE INVESTOR PRESENTATION

Attached is the Corporate Presentation to be given at the Sprott Natural Resources Symposium being held in Vancouver, Canada.

Yours faithfully

==> picture [124 x 73] intentionally omitted <==

JOHN BORSHOFF Managing Director/CEO Deep Yellow Limited

Unit 17, Spectrum Building, 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: info@deepyellow.com.au / Website: www.deepyellow.com.au

Building For The Future Corporate Presentation

John Borshoff Managing Director / CEO July 2018

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 thispresentation.

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 Mineral Resources and Exploration (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.

==> picture [125 x 26] intentionally omitted <==

2

Major Reset over Past 18 Months

==> picture [14 x 16] intentionally omitted <==

==> picture [14 x 16] intentionally omitted <==

==> picture [14 x 16] intentionally omitted <==

==> picture [14 x 16] intentionally omitted <==

==> picture [14 x 16] intentionally omitted <==

==> picture [14 x 16] intentionally omitted <==

World class leadership with proven track record in uranium Unique strategic alliance with Sprott Group established Capital structure consolidated Raised A$16.5M June 2017 New strategic direction set and being implemented New prospective target zones, discoveries and significant resource expansion on Namibian projects

==> picture [14 x 16] intentionally omitted <==

==> picture [14 x 16] intentionally omitted <==

Now on OTCQB platform giving real time trading opportunity to US investors with potential to significantly increase market penetration Low uranium price enhances opportunity for sector consolidation

==> picture [125 x 26] intentionally omitted <==

3

Corporate Overview

Board	Capital Structure – 10 July 2018
Rudolf Brunovs Chairman	Shares on Issue 194.8M
John Borshoff * ManagingDirector / CEO	Market Cap (@ A$0.37/share) A$72M
Gillian Swaby* Director	Net Cash ~ A$10.5M
Christophe Urtel Director	Major Shareholders
Mervyn Greene Director	Sprott Group Affiliate 15.9%
Justin Reid * Director	Collines Investments 10.3%
Mark Pitts Company Secretary Directors & Management 6.3%

Executives and Management

Perth John Borshoff * Managing Director/CEO Gillian Swaby * Corporate/Finance Ed Becker * Head of Exploration Dr Andy Wilde * Chief Geologist Ursula Pretorius Financial Controller Namibia Martin Hirsch Exploration Manager Dr J C Corbin* Sedimentology Specialist

* Ex-Paladin Executive /Technical team

Share Price Development

==> picture [376 x 224] intentionally omitted <==

==> picture [125 x 26] intentionally omitted <==

4

Presentation Outline

==> picture [19 x 22] intentionally omitted <==

==> picture [19 x 21] intentionally omitted <==

==> picture [19 x 21] intentionally omitted <==

==> picture [19 x 21] intentionally omitted <==

Uranium in Downturn – excellent outlook Growth Opportunity – perfect for a contrarian play Project Status – enhancing existing resource base Conclusions

==> picture [125 x 26] intentionally omitted <==

5

Supply Shortfall Looming but Price Anomaly Persists

Secondary Supplies ExistingMines NUCLEAR DEMAND STRONG – URANIUM PRICE LAG CLEAR Date/Event Operable Reactors Under Construction Planned Proposed U308 Required Prevailing U308 Price Feb 2011 (pre-Fukushima) 443 62 156 322 81kt $73/lb June 2018 450 58 153 288 77kt $23/lb ?	Secondary Supplies ExistingMines NUCLEAR DEMAND STRONG – URANIUM PRICE LAG CLEAR Date/Event Operable Reactors Under Construction Planned Proposed U308 Required Prevailing U308 Price Feb 2011 (pre-Fukushima) 443 62 156 322 81kt $73/lb June 2018 450 58 153 288 77kt $23/lb ?	Secondary Supplies ExistingMines NUCLEAR DEMAND STRONG – URANIUM PRICE LAG CLEAR Date/Event Operable Reactors Under Construction Planned Proposed U308 Required Prevailing U308 Price Feb 2011 (pre-Fukushima) 443 62 156 322 81kt $73/lb June 2018 450 58 153 288 77kt $23/lb ?	Secondary Supplies ExistingMines NUCLEAR DEMAND STRONG – URANIUM PRICE LAG CLEAR Date/Event Operable Reactors Under Construction Planned Proposed U308 Required Prevailing U308 Price Feb 2011 (pre-Fukushima) 443 62 156 322 81kt $73/lb June 2018 450 58 153 288 77kt $23/lb ?	Secondary Supplies ExistingMines NUCLEAR DEMAND STRONG – URANIUM PRICE LAG CLEAR Date/Event Operable Reactors Under Construction Planned Proposed U308 Required Prevailing U308 Price Feb 2011 (pre-Fukushima) 443 62 156 322 81kt $73/lb June 2018 450 58 153 288 77kt $23/lb ?	Secondary Supplies ExistingMines NUCLEAR DEMAND STRONG – URANIUM PRICE LAG CLEAR Date/Event Operable Reactors Under Construction Planned Proposed U308 Required Prevailing U308 Price Feb 2011 (pre-Fukushima) 443 62 156 322 81kt $73/lb June 2018 450 58 153 288 77kt $23/lb ?	Secondary Supplies ExistingMines NUCLEAR DEMAND STRONG – URANIUM PRICE LAG CLEAR Date/Event Operable Reactors Under Construction Planned Proposed U308 Required Prevailing U308 Price Feb 2011 (pre-Fukushima) 443 62 156 322 81kt $73/lb June 2018 450 58 153 288 77kt $23/lb ?
NUCLEAR DEMAND STRONG – URANIUM PRICE LAG CLEAR
Date/Event	Operable Reactors	Under Construction	Planned	Proposed	U308 Required	Prevailing U308 Price
Feb 2011 (pre-Fukushima)	443	62	156	322	81kt	$73/lb
June 2018	450	58	153	288	77kt	$23/lb

Source: World Nuclear Association

Extreme potential for prices to substantially overshoot incentive pricing

==> picture [125 x 26] intentionally omitted <==

6

Supply Gap and New Production Capability

==> picture [12 x 15] intentionally omitted <==

Uranium supply growth is uncertain in the mid to long-term

• Major suppliers reducing supply – Cameco, Kazatomprom

• Rio – Ranger (ERA) and Rössing in severe downturn. Paladin on hold.

• Production at current prices unsustainable. 80% production >$22/lb cost.

• Production cutbacks failing to increase uranium price.

==> picture [12 x 14] intentionally omitted <==

Supply shortage is inevitable post 2023

==> picture [12 x 15] intentionally omitted <==

The shortage, once realised, has clear implication for the uranium price to overshoot forecast US$65-$70/lb incentive price levels

==> picture [12 x 14] intentionally omitted <==

Few companies have proven capability to build and operate large production capacity operations to help fill the looming shortage

A window of build a opportunity exists to fit-for-purpose company that is capable of capitalising on this once-in-a-decade opportunity

==> picture [125 x 26] intentionally omitted <==

7

Presentation Outline

==> picture [19 x 22] intentionally omitted <==

Uranium in Downturn – excellent outlook

==> picture [19 x 21] intentionally omitted <==

==> picture [19 x 22] intentionally omitted <==

==> picture [19 x 21] intentionally omitted <==

Growth Opportunity – perfect for a contrarian play Project Status – enhancing existing resource base Conclusions

==> picture [125 x 26] intentionally omitted <==

8

Revitalised Company Status

==> picture [15 x 16] intentionally omitted <==

==> picture [15 x 16] intentionally omitted <==

==> picture [15 x 16] intentionally omitted <==

==> picture [15 x 16] intentionally omitted <==

A re-energised, well-funded and advanced uranium explorer Differentiated from other mid-sized uranium companies Focus on resource expansion and consolidation Strong support for accretive, long-term growth strategy

==> picture [125 x 26] intentionally omitted <==

9

Essential Prerequisites for Expansion Success

==> picture [15 x 16] intentionally omitted <==

Ability

• leadership, experience

==> picture [15 x 16] intentionally omitted <==

Industry Knowledge

• deep understanding across the spectrum

==> picture [15 x 16] intentionally omitted <==

Vision

• see the vacuums - fill the gaps

==> picture [15 x 16] intentionally omitted <==

Credibility

• proven track record

==> picture [15 x 16] intentionally omitted <==

Access to Funding

==> picture [125 x 26] intentionally omitted <==

10

Opportunity Base – Uranium Sector Overview

==> picture [13 x 15] intentionally omitted <==

==> picture [13 x 14] intentionally omitted <==

==> picture [13 x 14] intentionally omitted <==

==> picture [13 x 15] intentionally omitted <==

==> picture [13 x 14] intentionally omitted <==

75 companies world-wide – producers, developers, explorers.

10 government associated or . multi-national uranium producers

7 listed uranium producing companies (Cameco, ERA included).

18* potential developers

40* explorers-anomalies/some mineralisation/minimal resources

==> picture [125 x 126] intentionally omitted <==

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

10%
Listed
Producers
14%
Government &
Multinationals
----- End of picture text -----

24% Potential Developers

==> picture [43 x 30] intentionally omitted <==

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

52%
Explorers
----- End of picture text -----

*** many moving/abandoning to other commodities to survive**

Each category offers a different set of opportunities

==> picture [125 x 26] intentionally omitted <==

11

Vision For Growth

Two- Part Strategy for Growth

==> picture [15 x 16] intentionally omitted <==

Enhancing the Namibian cornerstone projects

• As Tumas 3 region is demonstrating – strong potential exists for new discoveries and resource expansion within current Namibian tenements

==> picture [15 x 16] intentionally omitted <==

Establish a multi-project, global uranium platform with a project pipeline capable of eventually supporting a multi-mine 5-10Mlb annual low cost production

To create a genuine independent, alternative supplier for utilities with proven management and technical team that can be trusted to deliver

==> picture [125 x 26] intentionally omitted <==

12

Presentation Outline

==> picture [19 x 22] intentionally omitted <==

==> picture [19 x 22] intentionally omitted <==

==> picture [19 x 21] intentionally omitted <==

Uranium in Downturn – excellent outlook Growth Opportunity – perfect for a contrarian play Project Status – enhancing existing resource base

==> picture [19 x 22] intentionally omitted <==

Conclusions

==> picture [125 x 26] intentionally omitted <==

13

Namibia - A Highly Favourable Destination

==> picture [12 x 13] intentionally omitted <==

==> picture [12 x 13] intentionally omitted <==

==> picture [12 x 13] intentionally omitted <==

==> picture [12 x 13] intentionally omitted <==

==> picture [12 x 12] intentionally omitted <==

==> picture [398 x 211] intentionally omitted <==

A large, proven prospective uranium province with exceptional prospectivity

Contains 1.5Blb U3O8, Measured and Indicated Resources

• plus 350Mlb U3O8 Inferred resources

To date, the region has produced 320Mlb U O since 1974 3 8

==> picture [398 x 211] intentionally omitted <==

Capable of large capacity long-life uranium mining operations

• Rössing – rated 11Mlb/a

• Husab – rated 15Mlb/a

• Langer Heinrich – rated 5Mlb/a

Excellent supportive jurisdiction for uranium development and mining

==> picture [125 x 26] intentionally omitted <==

14

Deep Yellow – Namibian Projects

==> picture [12 x 13] intentionally omitted <==

==> picture [12 x 13] intentionally omitted <==

==> picture [12 x 13] intentionally omitted <==

Overall Namibian resources 126.4Mlb U 0 3 8 grading 321ppm

Projects prospective for two target types

• Reptile: (EPLs 3496/97) – 991km[2 ] (100%)

• Numerous new targets identified for drilling

• Palaeochannel/calcrete targets (Langer Heinrich style) - 63.3Mlb U308/301ppm

• Basement/alaskite targets (Rössing/Husab style) – 45Mlb U308/420ppm

• Targeting 100Mlb U308+ in palaeochannels

• in the grade range 300-500ppm eU308

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

• Strategic farm-in agreement with Japanese partner JOGMEC, spending A$4.5M in four years to earn 39.5%

• Fertile palaeochannel identified at Namaqua

• Basement targets identified

==> picture [333 x 389] intentionally omitted <==

• 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 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 12-24 months by an exploration program including geophysical field work and drill testing of targeted areas.

15

Tumas 3 – Resource Extension Drilling

==> picture [11 x 13] intentionally omitted <==

Follow-up resource drilling extends Tumas 3 discovery from 4.4km to 10km

==> picture [11 x 13] intentionally omitted <==

Inferred Mineral Resource base expanded

• Tumas 3 expanded 32% now 31.2Mlb/377ppm eU308 from 23.5Mlb/382ppm

• 3Mlb/km of mineralisation above expectation

==> picture [480 x 111] intentionally omitted <==

A remarkable 98% increase in the Reptile project palaeochannel Mineral Resources all achieved in 18 months Only 35km of 120km prospective palaeochannel has been effectively tested

==> picture [11 x 12] intentionally omitted <==

==> picture [480 x 112] intentionally omitted <==

==> picture [11 x 13] intentionally omitted <==

==> picture [480 x 112] intentionally omitted <==

==> picture [125 x 26] intentionally omitted <==

16

Palaeochannels Producing Positive Results

==> picture [12 x 13] intentionally omitted <==

New prospectivity identified with resources growing

• Currently 63.3Mlb in 4 deposits of palaeochannel associated uranium on Reptile Project

• 120km of highly prospective palaeochannel delineated

A 50km zone from Tubas Red Sand to Tumas 1 now highest priority target for achieving 100Mlb+ in grade range 300-500ppm U308 .

==> picture [12 x 13] intentionally omitted <==

==> picture [547 x 333] intentionally omitted <==

==> picture [125 x 26] intentionally omitted <==

17

Reptile and Nova JV Basement Targets

==> picture [12 x 13] intentionally omitted <==

==> picture [12 x 13] intentionally omitted <==

==> picture [12 x 13] intentionally omitted <==

Highly prospective regional structural zone delineated (Alaskite corridor)

• 45Mlb U308 at 420ppm already identified within this zone on Reptile Project (EPL 3496)

Improved exploration search parameters and high resolution airborne survey set to target semi-blind deposits

Targets occur over both project areas

• Reptile (EPLs 3496/97)

• Nova JV (EPLs 3669/70)

==> picture [353 x 138] intentionally omitted <==

==> picture [353 x 138] intentionally omitted <==

==> picture [353 x 138] intentionally omitted <==

==> picture [125 x 26] intentionally omitted <==

18

Presentation Outline

==> picture [19 x 21] intentionally omitted <==

==> picture [19 x 21] intentionally omitted <==

==> picture [19 x 21] intentionally omitted <==

==> picture [19 x 22] intentionally omitted <==

Uranium in Downturn – excellent outlook Growth Opportunity – perfect for a contrarian play Project Status – enhancing existing resource base Conclusions

==> picture [125 x 26] intentionally omitted <==

19

Conclusions

==> picture [14 x 16] intentionally omitted <==

New focus and positioning for the inevitable uranium upturn

• Clear strategy for growth

• Newly established OTCQB trading platform expanding shareholder footprint

• Strategic Alliance with Sprott in place and investor base regenerated

• Capital structure reset and well funded with ~$10.5M cash

==> picture [13 x 15] intentionally omitted <==

Objective to build the premier, pure-play uranium company

• Establish an independent, global, geographically diversified uranium platform

• Growing uranium resource base on Namibian projects

• Acquire assets spanning advanced exploration and early development

• Establish a project pipeline offering production optionality

==> picture [14 x 16] intentionally omitted <==

Management team with a successful track record of execution

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

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

==> picture [125 x 26] intentionally omitted <==

20

– Mineral Resources Palaeochannel and Basement Related

==> picture [502 x 446] intentionally omitted <==

==> picture [207 x 315] intentionally omitted <==

==> picture [125 x 26] intentionally omitted <==

21

Contact Details

John Borshoff Managing Director/CEO

Deep Yellow Limited Unit 17, Spectrum Building, 100 Railway Rd Subiaco, Western Australia 6008 T +61 8 9286 6999 M +61 419 912 571 F +61 8 9286 6969 Email: john.borshoff@deepyellow.com.au Email: info@deepyellow.com.au Website: www.deepyellow.com.au

==> picture [125 x 26] intentionally omitted <==

22