DEEP YELLOW LIMITED — Investor Presentation 2021

Sep 13, 2021

==> picture [225 x 57] intentionally omitted <==

NEWS RELEASE

14 September 2021

CORPORATE PRESENTATION HC WAINWRIGHT CONFERENCE

We attach a Corporate Presentation for the HC Wainwright & Co 23rd Annual Global Investment Conference.

Yours faithfully

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 Managing Director/CEO T: +61 8 9286 6999 E: john.borshoff@deepyellow.com.au

About Deep Yellow Limited

Deep Yellow Limited is a differentiated, advanced uranium exploration company, in pre-development phase, implementing a contrarian strategy to grow shareholder wealth. This strategy is founded upon growing the existing uranium resources across the Company’s uranium projects in Namibia and the pursuit of accretive, counter-cyclical acquisitions to build a global, geographically diverse asset portfolio. A PFS was completed in early 2021 on its Tumas Project in Namibia and a Definitive Feasibility Study commenced February 2021. The Company’s cornerstone suite of projects in Namibia is situated within a top-ranked African mining destination in a jurisdiction that has a long, well-regarded history of safely and effectively developing and regulating its considerable uranium mining industry.

ABN 97 006 391 948

Unit 17, Spectrum Building 100–104 Railway Road Subiaco, Western Australia 6008

PO Box 1770 Subiaco, Western Australia 6904

DYL: ASX & NSX (Namibia) DYLLF: OTCQX

www.deepyellow.com.au @deepyellowltd deep-yellow-limited

==> picture [18 x 14] intentionally omitted <==

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

==> picture [81 x 42] intentionally omitted <==

==> picture [144 x 67] intentionally omitted <==

Building a Tier-One Click to edit Master title style Uranium Producer Click to edit Master text styles

● Second level o Third level Fourth level HC Wainwright 23rd Annual Global Fifth level Investment Conference - September 13 15, 2021 John Borshoff Managing Director/CEO

DYL: ASX / NSX (Namibia) DYLLF: OCTQX

==> picture [109 x 55] intentionally omitted <==

1

~~2021 WINNER~~ ESG Leader

1

==> picture [51 x 109] intentionally omitted <==

Disclaimer, Previously Reported Information and Competent Person Statement

developed based on assumptions about such risks, uncertainties and other factors, including but not limited to general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of uranium; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accident, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. This list is not exhaustive of the factors that may affect the Company’s forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intent or obligations to or revise any forward-looking statements whether as a result of new information, estimates, or options, future events or results or otherwise, unless required to do so by law. Statements regarding plans with respect to the Company’s mineral properties may contain forward-looking statements in relation to future matters that can be only made where the Company has a reasonable basis for making those statements. Competent Person Statements regarding plans with respect to the Company’s mineral properties are forward looking statements. There can be no assurance that the Company’s plans for development of its mineral properties will proceed as expected. There can be no assurance that the Company will be able to confirm the presence of mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company’s mineral properties.

underpinning the Mineral Resource and Ore Reserve estimates have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Disclaimer

This presentation has been prepared by Deep Yellow Limited ABN 97 006 391 948 (Company or Deep Yellow) for general information purposes only. The presentation is not and should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company, or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. Due care and attention has been taken in the preparation of this presentation, however the information contained in this presentation (other than as specifically stated) has not been independently verified for the Company or its directors and officers, nor has it been audited. Accordingly, the Company does not warrant or represent that the information contained in this presentation is accurate or complete. To the fullest extent permitted by law, no liability, however arising, will be accepted by Deep Yellow, its subsidiaries or its directors, officers or advisers, for the fairness, accuracy or completeness of the information contained in the presentation. No responsibility or liability is assumed by the Company, its subsidiaries or any of its directors, officers or advisers for updating any information in this document or to inform any recipient of any new or more accurate information or any errors of mis-descriptions of which the Company or any of its directors, officers or advisers may become aware.

There is information in this announcement relating to the outcomes of the Tumas Project Pre-feasibility Study announced to the market on 10 February 2021 in the release entitled ‘Deep Yellow Proceeding with Tumas DFS Following Positive PFS’. The Company confirms that all material assumptions underpinning the Production Target and the forecast financial information derived from the Production Target in the original announcement continue to apply and have not materially changed.

Competent Person Statement

The information in this presentation in so far as it relates to 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 Pre-Development 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.

Forward looking statements

This presentation contains “forward-looking information” that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the pre-feasibility and any feasibility studies, the Company’s business strategy, plan, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral resources, results of exploration and related expenses. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘likely’,’ believe’, ’estimate’, ‘expect’, ’intend’, ’may’, ’would’, ’could’, ’should’, ’scheduled’, ’will’, ’plan’, ’forecast’, ’evolve’ and similar expressions. Persons reading this presentation are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is

Previously reported information

This presentation refers to the following previously reported information:

• Exploration Results in the ASX announcement entitled ”Breakthrough Results from Nova JV Drilling” and dated 9 July 2020;and

• Mineral Resource estimates and Ore Reserve estimates in the announcement entitled ‘Deep Yellow to Proceed Directly to Tumas DFS Following Positive PFS’ and dated 10 February 2021.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements referred to above, and that all material assumptions and technical parameters

==> picture [126 x 32] intentionally omitted <==

2

Strong Building Blocks to Establish a Tier-One Operation

==> picture [126 x 32] intentionally omitted <==

3

==> picture [51 x 109] intentionally omitted <==

Deep Yellow Group: Strategically Positioned, Well-Funded

• Continue dual-pillar growth strategy to establish a multi-platform, 5-10Mlb per annum, low-cost, tier one uranium producer

• Project portfolio located in Namibia

• Excellent progression and growth of Tumas Project, with DFS progressing as planned

● Led by a standout and proven uranium team

• Highly-credentialed and experienced team (majority ex-Paladin Energy)

• Majority of team successfully built and operated Langer Heinrich , Namibia and Kayelekera , Malawi

• Grew Paladin from a market capitalisation of US$2M to US$4Bn – pre-Fukushima

• Well-funded with cash balance of A$51M

• Nuclear energy becoming the moral imperative, with positive momentum building globally

==> picture [126 x 32] intentionally omitted <==

4

==> picture [51 x 109] intentionally omitted <==

Right Team, Right Time, Right Commodity

The Key Pillars Available to Deep Yellow to Build a Tier 1 Uranium Platform

==> picture [577 x 297] intentionally omitted <==

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

Experienced
Proven Vision
& Cohesive Growth Funding
Track &
Team Strategy Support
Record Leadership
Across All
Disciplines
APPLIED
TO
Existing
Namibian Sector
Projects Consolidation
Enhancement
----- End of picture text -----

==> picture [126 x 32] intentionally omitted <==

==> picture [406 x 45] intentionally omitted <==

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

INCREASED SHAREHOLDER VALUE
----- End of picture text -----

5

==> picture [51 x 109] intentionally omitted <==

Continued Focus on ESG

Deep Yellow is focused on creating long-term value for all its stakeholders Recognise early implementation of key ESG pillars and objectives is critical in guiding sustainable practices

Maiden Sustainability Report released in 2020

Provides a strong platform to grow and evolve ESG objectives as the Company progresses towards becoming a global, tier-one uranium producer

Recent winner of 2021 AAMEG Africa Awards in the Emerging ESG Leader category

Winner of Namibian Inter-Mining Competition Award for safe operations for third year running

Significant sustainable community support across education, health, sport, environment and emergency relief including support for COVID-19

==> picture [265 x 346] intentionally omitted <==

==> picture [126 x 32] intentionally omitted <==

6

==> picture [51 x 109] intentionally omitted <==

Corporate Overview

		BOARD	BOARD
	Chris Salisbury			Non-Exec Chairman
	John Borshoff *			MD/CEO
	Gillian Swaby *			Exec Director
	Rudolf Brunovs			Non-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
	Perth
	Ed Becker*	Head of Exploration
	Darryl Butcher*	Head of Project Development
	Andrew Mirco*	Head of Business Development
	Dr Alex Otto*	Chief Geologist
	Namibia
	Dr Katrin Kärner*	Exploration Manager
	Martin Hirsch	Mgr Resources/Pre-Devel
	Dr J C Corbin*	Senior Geologist-Specialist

CAPITAL STRUCTURE – August 2021
Shares on Issue	330M
Listed Options (A$0.50/1 June 2022*)	50M
Market Cap (@ A$1.00/share) 8 Sept 2021	A$330M
Net Cash (30 August 2021)	A$51M
Major Shareholders
Board/Management	10.8%
Paradice Investment Management	9.8%
Collines Investments	7.1%
Sprott Group Affiliate	3%

* Acceleration of exercise clause at 78 cents share price

12 MONTH PERFORMANCE (20c to 95c)

ASX - 2,300,000 (4 week average) OTC 350,000 (4 week average)

$1

* Ex-Paladin

7

Nuclear and Uranium Excellent Upside

==> picture [126 x 32] intentionally omitted <==

8

==> picture [51 x 109] intentionally omitted <==

Global Decarbonisation – Nuclear Essential giving additional impetus for growth

Ambitious global decarbonisation targets set to be achieved over next 30 years will drive an even greater need for nuclear

Renewables alone inadequate

Why nuclear?

• sustainable

• safe

• zero carbon emitting technology

• able to deliver massive amounts of baseload electricity with a 24/7 power output capability

==> picture [126 x 32] intentionally omitted <==

==> picture [455 x 363] intentionally omitted <==

9

==> picture [51 x 109] intentionally omitted <==

Emerging Uranium Exploration Revival

==> picture [486 x 403] intentionally omitted <==

Looming supply shortage Most countries declaring zero emission by 2050 which will require more renewables AND nuclear Additional uranium supply required to meet aggressive, global decarbonisation targets All signs point to an emerging cycle 4 Exploration Boom

Countries like Namibia, Australia, Canada, Niger and Kazakhstan primed to benefit Deep Yellow focused on being in a position to provide security and certainty of uranium supply into a growing and supply constrained market

==> picture [126 x 32] intentionally omitted <==

10

==> picture [213 x 14] intentionally omitted <==

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

Uranium Demand 2020-2040
----- End of picture text -----

Uranium Supply/Demand- confirms looming shortage

Lower, Reference and Upper Case Scenarios

Supply Shortage on Reference Scenario Reference Case Scenario “Unspecified Inventory” Primary Mine and Secondary Supply

Source: WNA Sept 2021

11

Source: WNA Sept 2021

==> picture [51 x 109] intentionally omitted <==

Uranium Price Movement – Historic & Current

==> picture [242 x 34] intentionally omitted <==

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

Uranium Prices 1968-2021
----- End of picture text -----

The price correction has started

==> picture [164 x 98] intentionally omitted <==

==> picture [73 x 8] intentionally omitted <==

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

Source: TradeTech
----- End of picture text -----

==> picture [126 x 32] intentionally omitted <==

==> picture [773 x 248] intentionally omitted <==

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

Monthly Spot Price
40 Mar/Apr 2020 - * Data from Trade Tech
COVID impacts
38 uranium Aug 2021 - Sprott
36 production initiate uranium
purchase program
34
32
30
28
26
24 Price Movement Feb ’20 – Sept ‘20
22
20
29-Feb 31-Mar 30-Apr 31-May 30-Jun 31-Jul 31-Aug 30-Sep 31-Oct 30-Nov 31-Dec 31-Jan 28-Feb 31-Mar 30-Apr 31-May 30-Jun 31-Jul 31-Au
US$ / lb
----- End of picture text -----

Namibian Project Portfolio Strong Assets, with Upside

==> picture [126 x 32] intentionally omitted <==

13

==> picture [51 x 109] intentionally omitted <==

Namibia – A Tier-One Uranium Mining Jurisdiction

==> picture [368 x 391] intentionally omitted <==

Responsible for ~6% of global uranium output Large capacity, long-life mining operations established Rössing – 11Mlb/pa design Husab – 15Mlb/pa design Established 2016 Langer Heinrich 5Mlb/pa design Established 2007

Projects situated within large highly prospectivity Uranium Province containing nearly 2Blb U3O8 Reptile Project 95% Nova JV 39.5%

Namibia offers excellent infrastructure for development and mining

==> picture [126 x 32] intentionally omitted <==

Namibian Uranium Province

14

==> picture [51 x 109] intentionally omitted <==

Tumas Project Overview

Tumas Project - 95% Reptile

Tumas Project is similar to Langer Heinrich deposit and very well understood by the Deep Yellow team Multiple deposits discovered with only 60% of 125km highly prospective palaeochannel system tested

==> picture [58 x 47] intentionally omitted <==

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

MLA
237
----- End of picture text -----

Significant growth upside remains

Exploration since early 2017 has increased the Tumas Mineral Resource fourfold

DFS underway, following highly-successful PFS

MLA 237 submitted; EIA well underway

==> picture [126 x 32] intentionally omitted <==

15

==> picture [51 x 109] intentionally omitted <==

Tumas 3 Status following DFS Resource Upgrade

==> picture [316 x 124] intentionally omitted <==

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

Mineralised drill holes
(over 100ppm cut-off)
Interpreted structure June 2021
from magnetic anomaly
Unmineralised drill holes
10 m depth to basement outline
June 2021
----- End of picture text -----

==> picture [126 x 32] intentionally omitted <==

==> picture [51 x 109] intentionally omitted <==

Infill Drilling Delivers Excellent Resource Base

● DFS resource upgrade drilling program highly successful

• Tumas 3 converted 117% of existing Inferred Resources to Indicated Resource category

• Tumas 1 converted 102% of existing Inferred Resources to Indicated Resource category

• Results provide a high-level of confidence in achieving the stated 20+ year Life of Mine target

	Indicated*	Indicated*	Indicated*	Inferred*	Inferred*	Inferred*
Deposit	Tonnes M	Grade ppm	Metal Mlb	Tones M	Grade ppm	Metal Mlb
Tumas 1E	36.27	245	19.56	19.42	216	9.23
Tumas 1	33.76	212	15.76	2.09	212	0.98
Tumas 2	20.33	189	8.47	0.39	166	0.14
Tumas 3	77.99	320	54.94	10.36	219	4.99
Total	168	266	98.7	32.3	215	15.3

*** At 100ppm cut-off**

Discovery cost of 9.4c/lb

==> picture [126 x 32] intentionally omitted <==

17

==> picture [51 x 109] intentionally omitted <==

DFS Progressing as Planned

FORECAST DFS FINANCIAL OUTCOMES	FORECAST DFS FINANCIAL OUTCOMES	FORECAST DFS FINANCIAL OUTCOMES
Item	Units	20yr LOM (TARGETS)
Plant Capacity	Mlb U3O8 pa	3
Operating Margin (EBITDA) (U3O8 @ US$65/lb & V2O5 @ US$7/lb)	US$M	2,051
Initial CAPEX (incl pre-production)	US$M	320
C1 Costs (incl vanadium offset as by-product)	US$/lb U3O8	27.56
All-in-Sustaining-Cost (U3O8 basis with V2O5 by-product): Real	US$/lb U3O8	30.93
Project NPV8.6: Post tax, ungeared	US$M	407
Project IRR: Post tax, ungeared	%	25.9
Project Payback Period from Production Start: Real	Years	3.8
Breakeven U3O8 Price: ungeared	US$/lb U3O8	41.62

• An open-pit mining operation, with a production capacity of 3Mlb U3O8 per annum

• Primary objective to achieve a 20+ year LOM operation

• DFS commenced in February 2021 building on the successful PFS:

Detailed trade-off and optimisation studies

Metallurgical test work and analysis

Resource upgrade drilling completed

MLA submitted in July ‘21

EIA work complete Jan ‘22

• DFS scheduled for completion late CY2022

==> picture [126 x 32] intentionally omitted <==

18

==> picture [51 x 109] intentionally omitted <==

Barking Gecko Alaskite Target - Drilling Results

**Hole ID **	**FROM **	TO(m)	Thickness (m)	eU3O8 (ppm)
TN245RC	36	66	30	335
TN246RC	73	85	12	287
TN253RC	82	95	13	412
	120	180	60	220
TN258RC	90	98	8	561
	178	195	17	465
	199	220	21	901
	234	253	19	254
TN260RC	130	142	12	429
TN261RC	151	172	21	611
TN263RC	214	226	12	923
TN264RCR	190	194	4	837

Nova JV

==> picture [126 x 32] intentionally omitted <==

19

Looking Ahead

==> picture [126 x 32] intentionally omitted <==

20

==> picture [51 x 109] intentionally omitted <==

Efficient and Effective Capital Spend

Achievements 2017 – 2021

• 1:20 Company consolidation (January 2017)

• • Identification of world class deposit

• • Positive results in Scoping Study and PFS

Potential to raise $25M on exercise of 50c options

• DFS commenced Feb '21 for a 20 year LoM project

• • JV with JOGMEC (Jan 2017) - $4.5M earn-in completed Sept 202. Work ongoing with joint contributions

• • M&A evaluation ongoing

• • Strong domestic and international institutional presence on register

• • Excellent cash position

==> picture [126 x 32] intentionally omitted <==

In Australian Dollars

21

==> picture [51 x 109] intentionally omitted <==

Conclusions

● Deep Yellow has a differentiated approach for value creation built around

• A looming uranium shortage

• Substantial additional production required as demand for nuclear increases due to aggressive decarbonisation targets

• Proven, highly credentialed uranium team that has uniquely delivered in the past

• These factors including lack of expertise will exacerbate the anticipated supply deficit

● Its dual-pillar strategy to effectively dovetail into this emerging scenario

• Establish a project development pipeline through both organic and inorganic (sector consolidation) growth

• Develop a globally diversified, tier one uranium platform producing 5-10Mlb pa

• Company focused on becoming a reliable, multi-project supplier of uranium to provide safe, long-term supply, able to provide production optionality and geographic diversity

==> picture [126 x 32] intentionally omitted <==

22

==> picture [352 x 370] intentionally omitted <==

==> picture [514 x 130] intentionally omitted <==

For further information: T: +61 8 9286 6999 E: info@deepyellow.com.au W: www.deepyellow.com.au : @deepyellowltd : deep-yellow-limited

23