DEEP YELLOW LIMITED — Investor Presentation 2021

Feb 9, 2021

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 Completion of HighlyFifth level -Positive Tumas - Pre Feasibility Study 10 February 2021

DYL: ASX / NSX (Namibia) DYLLF: OCTQX

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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

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Tumas PFS Delivers Robust Results

• Highly positive PFS completed on the Tumas palaeochannel project

• PFS focused on a Langer-Heinrich style open-pit mining operation, with a production capacity of 3Mlb U3O8 per annum

• PFS results are in line with, and in some cases better than, assumptions from the 2020 Scoping Study, highlighting a strong economic case for Tumas

• Following completion of the PFS, the Board has approved proceeding directly to a DFS

• DFS to confirm technical and potential economic viability of the Tumas Project and achieve the stated goal of a +20-year LOM operation

• Development of Tumas is being advanced in line with forecasts of significant uranium price improvements expected from 2022, in anticipation of a looming uranium shortage likely late 2023/24

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A Standout Uranium Team

A highly-credentialed and experienced team (majority ex-Paladin Energy) with proven success in the uranium sector, strong project development, operational and corporate capabilities Successfully worked together in the past covering technical, innovation, marketing, finance, corporate, governance, legal and sustainability areas

Team built and operated two innovative conventional uranium operations, including the Langer Heinrich mine in Namibia

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

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

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Advancing the Dual-Pillar Growth Strategy

Key Achievements Over Past 12 Months

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• Tumas Project PFS completed with immediate commencement of DFS

• JOGMEC (Japanese gov’t entity) completed $4.5M earn-in at adjacent

• Nova JV project. Highly prospective target being advanced

• Continued evaluation of advanced M&A opportunities

• Cash position A$9.7M Dec 2020

Key Ingredients Remain for Execution of Dual Growth Strategy Fundamental supply/demand disconnect in the market for post 2023 Key major focused on exiting sector, others in non-expansionary mode

Sector consolidation essential for the industry during general low uranium price environment

Deep Yellow remains on track to establish a multi-platform, 5-10Mlb per annum, low-cost, tier one uranium producer

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Tumas Pre-Feasibility Study

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Tumas Overview

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The Tumas Project comprises of Tumas 1, Tumas 1 East, Tumas 2, Tumas 3, Tumas 3 East and Tubas deposits

Located in the Company’s 100% owned Reptile tenements in Namibia

Exploration since early 2017 has been very successful, increasing the resources over threefold at an impressive discovery cost of 11.5cents/lb (A$)

Total Tumas calcrete resource base of 110Mlb eU O at a 3 8 100ppm cut-off grade

52.6Mlb eU3O8 at 245ppm are of the Indicated JORC category and occur in the Tumas 1, 2 and 3 deposits

To date, only 50% of the total mineral resource base and 50% of the highly prospective 125km Tumas palaeochannel system has been tested

Geology of the mineralisation is similar to that mined at the Langer Heinrich operation which is very well understood by the Deep Yellow team

Tumas Project Overview

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The Premier Uranium Mining Jurisdiction

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- Namibia has a long history of uranium mining currently the world’s 4th largest uranium producer

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

Responsible for ~6% of global uranium output

Highly-supportive jurisdiction

Excellent infrastructure for development and mining

Namibian Uranium Province

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Key PFS Outcomes

• Successfully evaluated the viability of the Tumas deposits, within a 30km radius of a proposed purposebuilt processing facility

• PFS based only on 50% of the total Mineral Resources available on Tumas

Remaining 50% of Mineral Resources will be considered for conversion as part of the DFS

• Established a maiden Ore Reserve which includes 40Mt of ore at an average grade of 344ppm U3O8, containing 31Mlb U3O8 of Probable Reserves

Impressive 63% conversion rate from Indicated Mineral Resources to Probable Reserves

• Assumed a flat uranium price of US$65/lb in line with TradeTech forecasts

• Results and findings of the PFS have met the objectives required and outlined a Project with strong economic and growth characteristics

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Excellent Economics,Significant Upside Page 1 of 2 Project Physicals and Financials (Ungeared): Real Unless Stated Otherwise Unit LOM Per Operating Year Operating Life (Total) Years 11.5 Ore Fed to Process plant kt 40,864 3,554 U3O8Recovered and Sold Mlb 29.1 2.53 U3O8Recovery % 93.8 OperatingMargin(EBITDA) (U3O8 @ US$65/lb & V2O5 @ US$7/lb) US$M 1,034 90 Initial Capex US$M (295.1) (25.7) Total Initial, Pre-Production, Sustaining& Closure Capital US$M (357.4) (31.1) Undiscounted Cashflow After Tax US$M 447.4 38.9 C1 Cost(U3O8basis with V2O5by-product) US$/lb 27.28 AISC(U3O8basis with V2O5by-product) US$/lb 30.69 Project NPV8.6 Nominal (Post Tax)–ungeared US$M 207 Project NPV8.6 Nominal (Post Tax)–50% geared US$M 222 Project IRR(Post Tax)–ungeared % 21.1 Project IRR(Post Tax)–50% geared % 28.8 Project Payback Period from Production Start Years 3.8 Breakeven U3O8Price US$/lb 47.33	Excellent Economics,Significant Upside Page 1 of 2 Project Physicals and Financials (Ungeared): Real Unless Stated Otherwise Unit LOM Per Operating Year Operating Life (Total) Years 11.5 Ore Fed to Process plant kt 40,864 3,554 U3O8Recovered and Sold Mlb 29.1 2.53 U3O8Recovery % 93.8 OperatingMargin(EBITDA) (U3O8 @ US$65/lb & V2O5 @ US$7/lb) US$M 1,034 90 Initial Capex US$M (295.1) (25.7) Total Initial, Pre-Production, Sustaining& Closure Capital US$M (357.4) (31.1) Undiscounted Cashflow After Tax US$M 447.4 38.9 C1 Cost(U3O8basis with V2O5by-product) US$/lb 27.28 AISC(U3O8basis with V2O5by-product) US$/lb 30.69 Project NPV8.6 Nominal (Post Tax)–ungeared US$M 207 Project NPV8.6 Nominal (Post Tax)–50% geared US$M 222 Project IRR(Post Tax)–ungeared % 21.1 Project IRR(Post Tax)–50% geared % 28.8 Project Payback Period from Production Start Years 3.8 Breakeven U3O8Price US$/lb 47.33	Excellent Economics,Significant Upside Page 1 of 2 Project Physicals and Financials (Ungeared): Real Unless Stated Otherwise Unit LOM Per Operating Year Operating Life (Total) Years 11.5 Ore Fed to Process plant kt 40,864 3,554 U3O8Recovered and Sold Mlb 29.1 2.53 U3O8Recovery % 93.8 OperatingMargin(EBITDA) (U3O8 @ US$65/lb & V2O5 @ US$7/lb) US$M 1,034 90 Initial Capex US$M (295.1) (25.7) Total Initial, Pre-Production, Sustaining& Closure Capital US$M (357.4) (31.1) Undiscounted Cashflow After Tax US$M 447.4 38.9 C1 Cost(U3O8basis with V2O5by-product) US$/lb 27.28 AISC(U3O8basis with V2O5by-product) US$/lb 30.69 Project NPV8.6 Nominal (Post Tax)–ungeared US$M 207 Project NPV8.6 Nominal (Post Tax)–50% geared US$M 222 Project IRR(Post Tax)–ungeared % 21.1 Project IRR(Post Tax)–50% geared % 28.8 Project Payback Period from Production Start Years 3.8 Breakeven U3O8Price US$/lb 47.33	Excellent Economics,Significant Upside Page 1 of 2 Project Physicals and Financials (Ungeared): Real Unless Stated Otherwise Unit LOM Per Operating Year Operating Life (Total) Years 11.5 Ore Fed to Process plant kt 40,864 3,554 U3O8Recovered and Sold Mlb 29.1 2.53 U3O8Recovery % 93.8 OperatingMargin(EBITDA) (U3O8 @ US$65/lb & V2O5 @ US$7/lb) US$M 1,034 90 Initial Capex US$M (295.1) (25.7) Total Initial, Pre-Production, Sustaining& Closure Capital US$M (357.4) (31.1) Undiscounted Cashflow After Tax US$M 447.4 38.9 C1 Cost(U3O8basis with V2O5by-product) US$/lb 27.28 AISC(U3O8basis with V2O5by-product) US$/lb 30.69 Project NPV8.6 Nominal (Post Tax)–ungeared US$M 207 Project NPV8.6 Nominal (Post Tax)–50% geared US$M 222 Project IRR(Post Tax)–ungeared % 21.1 Project IRR(Post Tax)–50% geared % 28.8 Project Payback Period from Production Start Years 3.8 Breakeven U3O8Price US$/lb 47.33	Excellent Economics,Significant Upside Page 1 of 2 Project Physicals and Financials (Ungeared): Real Unless Stated Otherwise Unit LOM Per Operating Year Operating Life (Total) Years 11.5 Ore Fed to Process plant kt 40,864 3,554 U3O8Recovered and Sold Mlb 29.1 2.53 U3O8Recovery % 93.8 OperatingMargin(EBITDA) (U3O8 @ US$65/lb & V2O5 @ US$7/lb) US$M 1,034 90 Initial Capex US$M (295.1) (25.7) Total Initial, Pre-Production, Sustaining& Closure Capital US$M (357.4) (31.1) Undiscounted Cashflow After Tax US$M 447.4 38.9 C1 Cost(U3O8basis with V2O5by-product) US$/lb 27.28 AISC(U3O8basis with V2O5by-product) US$/lb 30.69 Project NPV8.6 Nominal (Post Tax)–ungeared US$M 207 Project NPV8.6 Nominal (Post Tax)–50% geared US$M 222 Project IRR(Post Tax)–ungeared % 21.1 Project IRR(Post Tax)–50% geared % 28.8 Project Payback Period from Production Start Years 3.8 Breakeven U3O8Price US$/lb 47.33	Excellent Economics,Significant Upside Page 1 of 2 Project Physicals and Financials (Ungeared): Real Unless Stated Otherwise Unit LOM Per Operating Year Operating Life (Total) Years 11.5 Ore Fed to Process plant kt 40,864 3,554 U3O8Recovered and Sold Mlb 29.1 2.53 U3O8Recovery % 93.8 OperatingMargin(EBITDA) (U3O8 @ US$65/lb & V2O5 @ US$7/lb) US$M 1,034 90 Initial Capex US$M (295.1) (25.7) Total Initial, Pre-Production, Sustaining& Closure Capital US$M (357.4) (31.1) Undiscounted Cashflow After Tax US$M 447.4 38.9 C1 Cost(U3O8basis with V2O5by-product) US$/lb 27.28 AISC(U3O8basis with V2O5by-product) US$/lb 30.69 Project NPV8.6 Nominal (Post Tax)–ungeared US$M 207 Project NPV8.6 Nominal (Post Tax)–50% geared US$M 222 Project IRR(Post Tax)–ungeared % 21.1 Project IRR(Post Tax)–50% geared % 28.8 Project Payback Period from Production Start Years 3.8 Breakeven U3O8Price US$/lb 47.33
	Page 1 of 2 Project Physicals and Financials (Ungeared): Real Unless Stated Otherwise Unit LOM Per Operating Year
	Operating Life (Total)		Years	11.5
	Ore Fed to Process plant		kt	40,864	3,554
	U3O8Recovered and Sold		Mlb	29.1	2.53
	U3O8Recovery		%	93.8
	OperatingMargin(EBITDA) (U3O8 @ US$65/lb & V2O5 @ US$7/lb)		US$M	1,034	90
	Initial Capex		US$M	(295.1)	(25.7)
	Total Initial, Pre-Production, Sustaining& Closure Capital		US$M	(357.4)	(31.1)
	Undiscounted Cashflow After Tax		US$M	447.4	38.9
	C1 Cost(U3O8basis with V2O5by-product)		US$/lb	27.28
	AISC(U3O8basis with V2O5by-product)		US$/lb	30.69
	Project NPV8.6 Nominal (Post Tax)–ungeared		US$M	207
	Project NPV8.6 Nominal (Post Tax)–50% geared		US$M	222
	Project IRR(Post Tax)–ungeared		%	21.1
	Project IRR(Post Tax)–50% geared		%	28.8
	Project Payback Period from Production Start		Years	3.8
	Breakeven U3O8Price		US$/lb	47.33

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DFS to Commence Immediately

• Sufficient confidence for future development of the Tumas Project to justify immediate commencement of a DFS

• Many unoptimised areas remain, representing significant potential for economic improvement. These include:

• Mine scheduling

Increase in Ore Reserves

Treatment process and balance

Ore treatment rate

Additional Mineral Resource identification

• DFS to pursue an expanded Project target by incorporating the remaining 50% of the Total Mineral Resources into the Ore Reserve model, to achieve the stated goal of a 20-year LOM operation

• Expected completion of the DFS by end of CY2022

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Key DFS Activities

• Immediate commencement of 15,000m drilling program (February to May 2021), focussed on converting the remaining Mineral Resources in the Tumas Central, Tumas 3, Tumas 1 East deposits to Ore Reserve status:

February: Drilling Tumas 3 West (300 to 350 holes, 4,500 to 6,000m) March: Drilling Tumas 3 East (250 to 300 holes, 2,500 to 3,500m)

April – May: Drilling Tumas 1 East (400 to 500 holes, 4,500 to 6,500m)

From March to June: Progressive upgrade of Mineral Resources to Indicated Resource category

• Immediate commencement of detailed trade-off and optimisation studies per PFS recommendations

• Immediate commencement of metallurgical optimisation test work and analysis utilising the 1,000kg of sample already in storage in Perth

• Expansion of the Deep Yellow technical team to facilitate the DFS

• EIA progressing and Mining Lease application submission June quarter 2021

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Advancing the Inorganic Growth Pillar

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Continued Assessment of M&A Opportunities

Ongoing evaluation of M&A throughout 2020/21

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Focused on acquiring 2-3 projects to establish a pipeline for development from 2024 – 2035+

Continued assessment and due-diligence on several advanced opportunities

Through the extensive uranium experience and success of the Company’s management and technical team, the process of evaluating opportunities differentiates Deep Yellow from its peers

Exploration and development success of the Reptile project highlights the team’s ability to maximise value

Sector consolidation will assist in delivering the Company’s strategic goal of establishing a multi platform, 5-10Mlb pa, low-cost uranium producer

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Uranium Sector Outlook

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The Growing Need For Nuclear Energy

New, increasing pressure resulting from accelerated emission reduction targets, transport electrification compounds the need for greatly increased electricity requirements

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Simplistic, ideologically driven renewable energy models not sustainable and under increased scrutiny as to their limitation

Nuclear for electricity generation is the pre-eminent technology able to deliver sustainable, zero-emitting and dispatchable power 24/7

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

Rapid EV development and deployment and emergence of hydrogen technology, driving essential need for heat in industry and growing requirement for nuclear usage

Nuclear energy is the only energy source able to provide lowcarbon energy directly through heat production or indirectly through provision of clean hydrogen

For the first time nuclear is now taking the moral high ground – no other industry can compete and deliver at scale with all the solutions covered

• Intergovernmental Panel on Climate Change

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The Added Impetus for Nuclear Energy

Recent UN survey found that almost two-thirds of people around the world view climate change as a global emergency The survey conducted across 50 countries with 1.2M respondents

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

International Energy Agency called for decisive action to achieve world energy transformation of “unprecedented speed and scale”

By 2030: increasing EV share - annual sales from 3% to over 50% Rapid low-carbon hydrogen increases - 450Kt to 40Mt by 2030 Boosting investment in clean electricity four-fold from $380B to $1.6T

Development of Small Modular Reactors (SMR) will provide huge optionality for additional nuclear usage

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Uranium Price Primed for Recovery

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NUCLEAR DEMAND STRONG CLEAR URANIUM PRICE LAG
Prevailing
Date/Event Operable Reactors ConstructionUnder Planned Proposed Required U308 U308 Price
USD
Feb 2011
(pre- 443 62 156 322 80kt $73/lb
Fukushima)
Jan 2021 442 53 98 326 80.5kt $29.70/lb
Source: WNA
Source: WNA Sept 2019
Strong Disconnect
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TradeTech, a globally recognised uranium market analysis and price reporting organisation, shows increasing uranium prices through the remainder of the decade reaching $60-65/lb U3O8 by mid-decade rising to $70/lb U3O8 by late 2020s

Deep Yellow has chosen to incorporate a uranium price of $65/lb U3O8 in its financial analysis, which reasonably represents the expected global uranium market for newly negotiated multi-year (term) sales agreements by mid-to-late decade

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Continued Focus on ESG

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Ongoing Development of Key ESG Pillars

Focused on creating long-term value for shareholders, stakeholders and the communities where we operate

Early implementation and continued focus of Environmental, Social and Governance (ESG) will play a key role in creating a Company-wide approach to sustainable practices

Maiden Sustainability Report released in 2020

Provides a foundation to grow and evolve ESG objectives as the Company works towards becoming a global, tierone uranium producer

Nominated as a finalist in the 2020 Australia Africa Minerals & Energy Group (AAMEG) Awards in the Emerging ESG Leader category

Awarded the Namibian Safety Award for the last two years

Inter-Mining Safety Certificate (Category 2 – Exploration Companies) awarded by the Namibian Chamber of Mines

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Looking Ahead

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Establishing a Tier-One Uranium Operation

• Led by a standout management team, Deep Yellow continues to advance its dual-pillar growth strategy, to deliver a 5-10Mlb low cost, multi-platform global uranium operation

• Highly-successful Tumas PFS has outlined a project with excellent economics and significant growth upside

• Tumas DFS to commence immediately, focusing on enhancing and further optimising the PFS development option

• Deep Yellow is confident the DFS will achieve the stated 20-year LOM objective

• Project portfolio located in an established uranium mining jurisdiction with a long history of continuous uranium mining and export

• Nova JV continuing exploration focus on highly-prospective Barking Gecko project

• Well-defined M&A execution strategy, with ongoing assessment of advanced opportunities

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

• 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 : deep-yellow-limited

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Appendix

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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

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Capital Structure – 9 Feb 2021	Capital Structure – 9 Feb 2021
Shares on Issue	254M
Market Cap (@ A$0.72/share)	A$183M
Net Cash (30 Dec 2020)	A$9.7M
Major Shareholders
Sprott Group Affiliate	8.05%
Collines Investments	7.74%
Paradice Investment Management	7.23%
Board/Management	14.12%

12 Month Performance

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0.72
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JORC Resource Table

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 it relates to values attained from radiometrically logging boreholes.

Gamma probes were calibrated at Pelindaba, South Africa in 2007. Recent calibrations were carried out at the Langer Heinrich Mine calibration facility in July 2018 and September 2019.

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Tumas Project Ore Reserves

Probable Ore Reserves	Units	Total	HG	MG	LG
TOTAL Ore Tonnes Processed	t	40,863,928	30,057,859	10,806,069	0
TOTAL Ore U3O8 Grade Processed	ppm	344	405	174	0
	lb U3O8	31,002,346	26,853,629	4,148,718	-

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Nova JV – Barking Gecko Prospect (EPL3669)

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Large anomalous mineralised zone identified at Barking Gecko in alaskite-type basement target Thick zones of uranium intersected

Grades vary from 216 to 385ppm eU3O8

4km x 1km highly prospective zone defined Target similarities with Rössing and Husab Mineralisation open at depth and laterally

Prospective zone extends 18km into adjacent Reptile Project containing 45Mlb of basement resource

Follow-up drilling started late 2020 at Barking Gecko with early encouraging results

A promising target at Turtle’s Neck immediately south of Barking Gecko also remains to be tested.

Barking Gecko Prospect showing drill hole locations and prospective zone.

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