DEEP YELLOW LIMITED — Major Shareholding Notification 2008

Jul 28, 2008

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PALADIN ENERGY LTD ACN 061 681 098

14 April 2008

ASX Limited 20 Bond St SYDNEY NSW 2000

Dear Sirs

Form 604

Enclosed please find Form 604 in respect of the exercise of 12,500,000 unlisted options in Deep Yellow Limited (DYL) increasing the holding in that company to 15.3%.

Yours sincerely Paladin Energy Ltd

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GILLIAN SWABY Company Secretary

Grand Central, First Floor, 26 Railway Road, Subiaco Western Australia 6008 Postal: PO Box 201, Subiaco Western Australia 6904 Tel: +61 (8) 9381 4366 Fax: +61 (8) 9381 4978 Email: paladin@paladinenergy.com.au Website: www.paladinenergy.com.au

604 Page 1 of 2 15 July 2001

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Deep Yellow Limited ACN/ARSN 006 391 948

1. Details of substantial holder(1)

Name Paladin Energy Ltd ACN/ARSN (if applicable) 061 681 098

There was a change in the interests of the 28/07/2008 substantial holder on The previous notice was given to the company on 08/08/2007 The previous notice was dated 08/08/2007

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

	Previous notice		Present notice
Class of securities (4)
	Person’s votes	Voting power (5)	Person’s votes	Voting power (5)
Ordinary Fully Paid Shares	159,058,461	14.34%	171,558,461	15.30%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevantinterest changed	Nature of change (6)	Consideration given inrelations to change (7)	Person’s votes affected
28/07/2008	Paladin Energy Ltd	Exercise of Unlisted Options	$ 1,012,500	12,500,000

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevantinterest	Registered holder ofsecurities	Person entitled tobe registered asholder (8)	Nature of relevantinterest (6)	Class and numberof securities	Person’s votes
Paladin Energy Ltd	Paladin Energy Ltd		Beneficial	110,523,461	110,523,461
Paladin Energy	Paladin Energy		Beneficial	61,035,000	61,035,000
MineralsNL	MineralsNL

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604 Page 2 of 2 15 July 2001

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Paladin Energy Ltd	Grand Central, 1stFloor, 26 Railway Road, Subiaco, Western Australia, 6008
Paladin Energy Minerals NL	Grand Central, 1stFloor, 26 Railway Road, Subiaco, Western Australia, 6008

Signature

Print name GILLIAN SWABY Capacity Company Secretary Sign here Date 29/07/2008

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• (2) See the definition of “associate” in section 9 of the Corporations Act 2001.

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

  • (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

  • (b) any qualification of the power of person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

• (7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write “unknown”.

• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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