Deep Yellow (DYL) Corporate presentation summary

Asset portfolio and project pipeline

• Holds one of the world's largest uranium resource bases at 430Mlb, with advanced projects in Namibia and Australia, both Tier-1 mining jurisdictions.

• Tumas project in Namibia has a 118Mlb resource, 79.5Mlb reserve, and is fully permitted with a 20-year mining license.

• Mulga Rock in Western Australia has a 104.8Mlb resource, 42.3Mlb reserve, and is the only uranium project in WA to reach "Substantial Commencement."

• Additional growth from Alligator River (32.9Mlb resource) and Omahola (125.4Mlb resource) projects.

• Multi-decade production potential anchored by Tumas and a robust pipeline.

Project economics and development status

• Tumas project DFS completed; FID deferred pending improved uranium prices, with robust economics: NPV US$577m, IRR 19%, AISC US$45/lb, and 3.6Mlb U3O8 annual production over 30+ years.

• Mulga Rock progressing studies and test work, with potential for critical minerals in addition to uranium.

• Both Tumas and Mulga Rock are sequenced for phased development to align with market demand.

• Early works at Tumas are well advanced, with over 70% of detailed engineering complete and major equipment tendered.

Market positioning and uranium sector outlook

• Positioned to deliver production into a uranium market at an inflection point, with spot prices at a 16-year high (US$106/lb).

• Long-term uranium contracting volumes remain insufficient to support new greenfield projects, with 62% of future requirements to 2045 uncovered.

• Global nuclear renaissance driven by AI-related power demand, new reactor technology, and increased government and tech sector support.

• Forecasted supply gap as demand is set to outpace supply, with major growth targets in China, US, and India.