Deep Yellow (DYL) Company Presentation summary

Market outlook and uranium supply-demand dynamics

• Global nuclear reactor fleet is set to triple by 2060, with major growth in China, the US, and India, driving uranium demand sharply higher.

• Uranium demand is booming due to energy needs from data centers, AI, and strong policy support in Asia, Europe, and North America.

• Uranium supply has been stagnant, with underinvestment, talent shortages, and few shovel-ready projects, creating a looming supply deficit.

• By 2040, uranium mining must nearly double to meet projected demand, with a black hole in supply beyond 2040.

• Uranium prices are expected to rise significantly as supply struggles to keep pace with demand, especially with geopolitical uncertainties in key producing regions.

Company positioning and strategy

• Deep Yellow holds one of the largest uranium resource bases among ASX-listed companies, with 430 Mlb across diversified assets in Namibia and Australia.

• Two advanced, long-life projects—Tumas (Namibia) and Mulga Rock (Australia)—are staged for near-term production, with Tumas targeting 3.6 Mlb pa and Mulga Rock 3.5 Mlb pa.

• Tumas project’s FID is deferred pending higher uranium prices, but detailed engineering and early works are ongoing; production is expected by mid-2027.

• Mulga Rock is advancing with a revised DFS and expanded resource, including critical minerals, targeting production in 2029.

• The company is pursuing sequential project development, organic exploration, and M&A to build scale and optionality.

Project details and financials

• Tumas project features a 30-year mine life, 73 Mlb U3O8 production, and robust economics with a post-tax NPV up to $1.15B and IRR up to 29% at higher uranium prices.

• Mulga Rock is one of Australia’s largest undeveloped uranium projects, with a 104.8 Mlb resource and significant rare earth and critical mineral upside.

• Alligator River (NT) and Omahola (Namibia) provide significant exploration upside, with potential for large, high-grade discoveries.

• Infrastructure for Tumas is well-advanced, with access to port, power, and water, and project financing discussions underway.

• Deep Yellow maintains a strong financial position with A$238M in cash and no debt, supporting project development and growth.