DEEP YELLOW LIMITED — Investor Presentation 2020

Jan 30, 2020

ASX Announcement

ASX & NSX: DYL / OTCQX: DYLLF

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31 January 2020

CORPORATE UPDATE PRESENTATION

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Attached is the Corporate Update Presentation to be presented by John Borshoff, Managing Director/CEO at the Arlington Predaba Investor Conference held in Cape Town, South Africa from 31 January - 1 February 2020.

Yours faithfully

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JOHN BORSHOFF Managing Director/CEO Deep Yellow Limited

This ASX announcement was authorised for release by Mr John Borshoff, Managing Director/CEO, for and on behalf of the Board of Deep Yellow Limited.

For further information, contact:

John Borshoff Phone: +61 8 9286 6999 Managing Director/CEO Email: john.borshoff@deepyellow.com.au

For further information on the Company and its projects, please visit the website at: www.deepyellow.com.au

Unit 17, Spectrum Building, 100-104 Railway Road Subiaco Western Australia 6008 / PO Box 1770 Subiaco Western Australia 6904 Tel : 61 8 9286 6999 / ABN 97 006 391 948 Email: info@deepyellow.com.au / Website: www.deepyellow.com.au

Building a Tier-One Uranium Producer

CORPORATE UPDATE 31 January 2020

John Borshoff Managing Director/CEO

ASX / NSX : DYL OCTQX :DYLLF

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Ready for Growth

Executing a unique and differentiated dual-pillar growth strategy Strong balance sheet, with continued support from equity markets

Ongoing exploration has tripled the Reptile Project resource base in just 3 years

• At an extremely low discovery cost of $0.10/lb (2017 to 2019)

PFS commenced at Reptile following positive Scoping Study results

Effective M&A execution combined with successful organic growth to deliver potential for 5-10Mlb pa production from a low cost, multiplatform global uranium portfolio

• M&A activity in progress

Fully-funded to execute the strategy over the next 12 months

Nuclear power integral to achieving clean energy targets, with demand growing

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A Standout Uranium Team

A highly-credentialed team (majority ex-Paladin Energy) with proven success in the uranium sector, highlighted by:

Strong project development, operational and corporate capabilities

• Highly experienced team who have successfully worked together in the past covering technical, innovation, marketing, finance, corporate, governance, legal and sustainability areas

Built and operated two innovative conventional uranium operations

Only team to accomplish this from 1982 to 2019, other than the latest build in 2016 by CGN on its Husab operation

– Grew Paladin from a market capitalisation of $2M to $4Bn preFukushima

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Corporate Overview

Board	Board
Rudolf Brunovs	Chairman
John Borshoff *	MD/CEO
Gillian Swaby *	Exec Director
Christophe Urtel	Non-Exec Director
Mervyn Greene	Non-Exec Director
Justin Reid *	Non-Exec Director
Mark Pitts	CFO/Co Sec

	Senior Technical Team	Senior Technical Team
	Perth
	Ed Becker*	Head of Exploration
	Darryl Butcher*	Head of Projects
	Dr Andy Wilde*	Chief Geologist
	Namibia
	Dr Katrin Kärner*	Exploration Manager
	Martin Hirsch	Mgr Resources/Pre-Devel
	Dr J C Corbin*	Senior Geologist-Specialist

* Ex-Paladin

Capital Structure– Dec 2019	Capital Structure– Dec 2019
Shares on Issue	246.6M
Market Cap (@ A$0.27/share)	A$66M
Net Cash	~ A$14.1M
Major Shareholders
Sprott Group Affiliate	12.22%
Collines Investments	8.28%
Paradice Investment Management	7.74%
Board/Management	7.90%

12 Month Performance

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The Growing Demand for Nuclear Energy

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Growing Importance of Nuclear Energy

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Global emissions reached a record high 33Gt in 2018

Electricity production generated 14Gt of global emissions in 2018

2.2Bt of global emissions were saved in 2018 through nuclear power

– Nuclear power usage increased 2.4% in 2018 fastest growth level since 2010

The IPCC* stated 80% of the world’s electricity must be low carbon to ensure global warming is kept below the 2°C target

Nuclear energy has been the biggest low-carbon provider of energy for developed countries (18% of all electricity) over the last 30 years

Essential for renewables to partner with nuclear

– Global emissions continue to grow despite renewable surge nuclear essential to reserve dangerous trend

• Intergovernmental Panel on Climate Change

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Significant Growth in Nuclear Demand Expected

20 new reactors globally scheduled to be connected by 2020

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Increasing demand supported by aggressive reactor construction in China

• Considerable growth in 15 years from 3 operating reactors to 45 today

Aggressive growth to continue with ~8-10+ reactors scheduled for construction annually from 2020 - 2030

If China adopted the Paris target of limiting global warming to 1.5°C, 25% of energy consumption will require nuclear energy

Between 65,000tU - 90,000tU required annually by 2050

This requirement (even at the lower limit) is equivalent to the total current global nuclear fleet consumption

India, Russia and Middle East also undertaking ambitious nuclear reactor construction programs from 2020 - 2040

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Affordable and Safe Clean Energy

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Nuclear energy is the cheapest source of long-term baseload energy

In France, nuclear power generates 75% of electricity

Reducing electricity costs by 15% in comparison to EU average

One fifth of electricity produced in the US is from nuclear energy

Delivering at half the cost that Australians pay for electricity

Nuclear energy is one of the safest sources of electricity

Importantly, nuclear power generation technologies continue to evolve

New nuclear technologies will continue to provide efficient and safe ways of producing clean and reliable electricity at lower costs

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Differentiated with a Unique Strategy

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A Bold & Unique Strategy

Dual-Pillar Growth Strategy

Well-Positioned to Deliver Organic and Inorganic Growth

Strategy focused on establishing Deep Yellow as a low cost, tier-one uranium producer

o Development of the Namibian Project

Effective strategy execution requires a leadership team with a proven – track record, extensive industry knowledge and capability to deliver Deep Yellow has this this in place

Well-funded to execute the strategy

o Establishing a multi-project, global uranium platform through consolidation in a counter-cyclical market (M&A activity)

Deep Yellow aims to provide a secure and reliable supply of uranium to a growing market through:

Development of a multi-project asset base; and

Multi-jurisdiction presence

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Execution of a Counter-Cyclical Strategy

Key Achievements Over Past 12 Months

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• ✓ Successful exploration at the Reptile project

• ✓ PFS commenced on positive Scoping Study completion at Reptile

• ✓ JOGMEC (Japanese Government Agency) continues to earn-in at

the Nova JV project ($4.5M in total)

• ✓ Targeted M&A activity has commenced - advanced opportunities identified

• ✓ Established a strong capital position, successfully raising A$11.3M

• in July 2019 (current cash A$14M)

Key Ingredients Remain for Execution of Contrarian Strategy

• Uranium industry in an extended downturn and under financial pressure Fundamental supply/demand disconnect in the market

• Key majors focused on either divesting assets or exiting sector

General investor disinterest

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Deteriorating Fundamentals of the Uranium Sector

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Severe Recalibration of the Uranium Sector

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Explorers
11%
Potential Developers
16%
46%
Government &
Multinationals
27% Listed Producers
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Massive industry attrition post Fukushima

In 2011 ~420 uranium companies

Today 62 companies world-wide:

• 10 government associated or multi-national uranium producers

• 7 listed uranium producers (Cameco, ERA* included)

• 18 potential developers (emerging producers) with 30% diversifying into battery metals to survive and some having threatened projects due to geopolitical or technical reasons

• 27 explorers with limited to non-existent resources, mostly looking to diversify or move out of uranium entirely

• ERA phasing out

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Uranium Price Primed for Recovery

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NUCLEAR DEMAND STRONG
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CLEAR URANIUM PRICE LAG
Date/Event Operable Under Planned Proposed U308 Prevailing
Reactors Construction Required U308 Price
Feb 2011
(pre- 443 62 156 322 80kt $73/lb
Fukushima)
January 2020 442 54 109 330 78 $24.60/lb
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Source: WNA Sept 2019

Source: WNA January 2019

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Expected Supply Shortage by 2023

NUCLEAR UTILITY COMPLACENCY ON LOOMING SUPPLY SHORTAGE OUTLOOK CONTINUES Uranium price still languishing at sub US$30/lb (currently US$24.45/lb) despite production cutbacks Juniors overpromising on future supply Utilities do not fully appreciate challenges of developing new mines

SUFFICIENT URANIUM SUPPLY UNCERTAIN Major suppliers mothballing mines or exiting the sector Production cutbacks of ~40Mlb pa

Current production unsustainable, majority “under water” at current spot price

LACK OF PROJECT QUALITY Of the 18 potential projects cited for development, 15 are sub – 1,500ppm grade most sub 500ppm Excluding ISR, operations will need to work at the very high end of difficulty scale Chernobyl and Fukushima have had a devastating effect on sector expertise

Impacting new development/operational capability

SUPPLY SHORTAGE INEVITABLE POST 2023 Sector ill-prepared to fuel looming shortage No significant new mining development without a substantial and sustained shift in uranium price to minimum US$60/lb+ Clear implications for the uranium term price to overshoot forecast US$60-$70/lb incentive price levels

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Advancing the Development of the Namibian Project Portfolio

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Namibia: A Standout Uranium Destination

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New Map to be updated
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Large, proven uranium province with exceptional prospectivity

Province contains 1.5Blb U3O8 Measured and Indicated Resources

With additional 350Mlb U3O8 Inferred resources

Large capacity, long-life mining operations

– Rössing 11Mlb/pa design

– Husab 15Mlb/pa design

– Langer Heinrich 5Mlb/pa design

Since 1974 Namibia has produced 320Mlb U3O8

World’s 4th largest uranium producer

Responsible for ~6% of global uranium output

Highly-supportive jurisdiction

Excellent infrastructure for development and mining

Namibian uranium province

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Namibian Project Portfolio

Overall Namibian Resources = 156.6Mlb U308 grading 320ppm

– Reptile Projects 896km[2] (100%)

• Palaeochannel/calcrete targets (Langer Heinrich style) 110.5Mlb U308/290ppm

• Basement/alaskite targets (Rössing/Husab style) 45.1Mlb U308/420ppm

Nova Joint Venture Project 599km[2] (DYL 65%)

• Strategic farm-in agreement with Japanese partner JOGMEC spending A$4.5M over 4 years to earn 39.5% (commenced November 2016)

Exploration Target*

• Targeting 125Mlb 150Mlb U308 in palaeochannels

• In the grade range 300-500ppm eU308*

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Namibia tenements

• 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 comp lete review and evaluation of calcrete associated mineralisation already identified on the Company’s tenements (Refer ASX Announcement 19 January 2017), the Company has a greater understanding of the stratigraphy of the palaeochannels which host mineralisation. This work 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 14 years in this region. The exploration targets are regarded as valid being confirmed by the exploration carried out since then. Work is continuing forwards achieving the resource targets as stated.

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Reptile Project: 896km[2] (100% DYL)

Mineral Resource in palaeochannel/calcrete targets (Langer Heinrich style) of 92.5Mlb U3O8/303ppm

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Basement/alaskite targets (Rössing/Husab style) of 45.1Mlb U3O8/420ppm

Highly prospective Tumas palaeochannel identified

125km of uranium-rich channels delineated

Resources now advanced sufficiently to initiate economic consideration

Only 60% of the known palaeochannel system has been drilled

60km of this target still to be tested

Tenement and prospect locations at Reptile Project

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Low-Cost Value Creation at Reptile

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• Over the past 3 years management has developed the Reptile Project at extremely low costs

• ● ~$6M spent (discovery cost of $0.10/lb)

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Namibia Uranium Resource Growth on Target

	Deep Yellow Limited Uranium Resource Growth 2017 - 2020	Deep Yellow Limited Uranium Resource Growth 2017 - 2020	Deep Yellow Limited Uranium Resource Growth 2017 - 2020	Deep Yellow Limited Uranium Resource Growth 2017 - 2020	Deep Yellow Limited Uranium Resource Growth 2017 - 2020	Deep Yellow Limited Uranium Resource Growth 2017 - 2020	Deep Yellow Limited Uranium Resource Growth 2017 - 2020
	Calcrete Deposits		Status Oct’ 2016	FY18 Sept’ 2017	FY19	Mid FY20
	Resources		50.2Mlb	73.6Mlb	104.2Mlb	110.5Mlb*
	Grade U308		247ppm	278ppm	295ppm	290ppm
	Calcrete Resources Growth			47% Increase	42% Increase	6% Increase
	Calcrete + Basement Deposits
	Resources		95.3Mlb	118.7Mlb	149.3Mlb	156.6Mlb
	Grade U308		306ppm	319ppm	323ppm	320ppm
	Growth in Total Resources			25% Increase	30% Increase	5%	Increase
		* • Tumas Palaeochannel • Tubas Red Sand/Calcrete • Aussinanis Total					21 Mlb 79.8 12.7 18.0 110.5

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Positive Scoping Study Completed at Reptile

Accelerated studies underway to evaluate project economics

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Positive Scoping Study completed on Tumas palaeochannel calcrete-hosted deposits

Pre-Feasibility Study commenced

Budget for FY2020 increased by 30% to $2.75M to support:

Economic and technical studies

Increased exploration/resource upgrade drilling budget by 100%

In-house technical team expanded to undertake cost effective project evaluation process

Tumas deposits in relation to conceptual central processing plant

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Pre-Feasibility Study Objectives

Key Company Benchmarks

LOM: > 20 years

OPEX : low cash cost < US$30/lb

Minimum Annual Production : 2 to 3Mlb

– CAPEX: US$115M US$130M per 1Mlb/annum plant design

IRR: minimum 20%

PFS Accuracy: circa 30% for CAPEX PFS Completion: December 2020 quarter

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Sustainability

SHER

• Safety prioritised with target of zero incidences of injury and illness

• 65,000 working hours incident free in FY2019

• Full compliance with regulations and adherence to Radiation Management Plan

Environmental management integral to Company operations

– Winner of Inter-Mining Safety Certificate (Exploration) 2019 Mining Expo, Namibia

Corporate Social Responsibility (CSR)

• Importance of contribution to countries of operations, focused on :

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• Fostering early childhood development through educational support

• Empowering communities through sport

• Promoting a sustainable environment

Annual CSR Report published covering all activities

Governance

Compliance with ASX Corporate Governance Principles

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Establishing a Multi-Project Global Uranium Platform

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Well-Funded for Inorganic Growth

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Ongoing evaluation of M&A throughout 2019/20

The opportunity to act is now due to the depressed nature of the sector

Focused on acquiring 2-3 projects to establish a pipeline for – development from 2023 2030

Currently assessing 6-8 targeted projects

First acquisition expected during 1H 2020

Execution of the inorganic growth pillar will assist in delivering an overall 5-10Mlb pa low cost, multi-platform global uranium portfolio

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Unique Strategy, Right Time, Standout Team, Well-Funded

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Key Milestones

				Calendar Year	Calendar Year	Calendar Year	Calendar Year	Calendar Year	Calendar Year	Calendar Year
Project	Activities	2H19		1H20		2H20			2021
Reptile	Resource Upgrade Drilling
	Ongoing Palaeochannel Testing
	Scoping Study
	Reserve Statements
	Pre-Feasibility Study
	Optimisation Studies
M&A	Targeting 2 to 3 Projects
				Expected Completion

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A Differentiated Uranium Opportunity

Proven and experienced management team with an exceptional track record of success

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Executing the strategy to deliver a 5-10Mlb low cost, multi-platform global uranium portfolio

Reptile Resource has tripled in 3 years at a discovery cost of $0.10/lb

Several advanced M&A targets assessed with first acquisition expected in 1H20

Strong capital position and continued support from the equity markets

Outlook for uranium is extremely positive, with nuclear power integral to meeting clean energy targets

China leading the way with aggressive reactor construction plans - India, Russia and Middle East following

Deep Yellow aims to provide security and certainty of uranium supply into a growing market

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For further information: T: +61 8 9286 6999

E: info@deepyellow.com.au W: www.deepyellow.com.au : @deepyellowltd

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: deep-yellow-limited

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Appendix

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Mineral Resources: Palaeochannel, Basement Related

Notes:

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

XRF chemical analysis unless annotated otherwise.

• ♦ eU3O8 – equivalent uranium grade as determined by downhole gamma logging.

• Combined XRF Fusion Chemical Assays and eU3O8 values.

Where eU3O8 values are reported they relate to values attained from radiometrically logged boreholes.

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Disclaimer and Competent Person Statement

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.

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 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 DeepYellow.

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.

The information in this presentation in so far as it relates to exploration results and Mineral Resource Estimates 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 Manager Resources and PreDevelopment 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.

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.

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 presentationdoes not take into account the objectives, financial situation or needs of any person, and independent personal advice should be obtained.

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.

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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