Deep Yellow (DYL) Corporate Presentation summary

Nuclear energy market outlook

• Global nuclear reactor fleet projected to triple by 2060, with major growth in China, US, and India.

• Nuclear demand is booming worldwide, driven by energy security, decarbonization, and data center/AI power needs.

• Uranium supply has been stagnant, with sector undercapitalized and reliant on few new projects.

• Uranium price must rise significantly to incentivize new greenfield production and rebalance the market.

• Structural supply deficit is expected, with 2040 demand far outpacing current and planned production.

Uranium supply and price dynamics

• 2024 global uranium mining production was 157 Mlb, while 2040 requirements could reach 406 Mlb.

• No new greenfield uranium projects have started despite high spot prices, highlighting supply constraints.

• Only three junior companies outside the US have achieved conventional uranium mine production in 75 years.

• Long-term contract prices remain insufficient to support new project development.

• Major supply growth is dependent on a handful of large, shovel-ready projects, with technical and geopolitical risks.

Project portfolio and development pipeline

• Holds one of the largest uranium resource bases among ASX-listed peers, with 430 Mlb across multiple projects.

• Two advanced, long-life projects: Tumas (Namibia) and Mulga Rock (Western Australia), both in Tier-1 jurisdictions.

• Tumas project has a 30-year life, 3.6 Mlb/year target production, and FID deferred pending higher uranium prices.

• Mulga Rock project features significant uranium and critical minerals, with revised DFS due in 2026.

• Alligator River (NT) and Omahola (Namibia) provide substantial exploration upside and pipeline growth.