Deep Yellow (DYL) Investor update summary

Strategic Focus and Execution

• Emphasis on disciplined execution, prudent risk management, operational excellence, and exposure to uranium price upside, with Tumas as the initial step towards building a global uranium company.

• Leadership team strengthened with expertise in large-scale mining and complex jurisdictions, ensuring continuity beyond Tumas and execution excellence.

• In-country leadership in Namibia and targeted local workforce development are fundamental for project success, leveraging deep local relationships and experience.

• Execution discipline is prioritized, focusing on systematically removing risk, intelligent capital allocation, and disciplined project management.

Project Readiness and Development

• Tumas project is fully permitted, features a 20+ year mine life, shallow ore body, simple mining, and is located in a tier 1 jurisdiction with existing infrastructure and skilled workforce.

• Key agreements for water supply and Namibian ownership have been secured, reducing execution risk.

• Physical site readiness is evident, with significant construction, earthworks, and infrastructure work already completed.

• FID for Tumas anticipated in Q4 2026, following extensive pre-FID work and major engineering and procurement already substantially completed.

Operational Discipline and Funding

• Five critical workstreams: mining optimization, operational readiness, cost model review, contractor onboarding, and the Deep Yellow Way.

• Operating discipline built around planning, leadership presence, control verification, and continuous learning.

• Funding strategy remains flexible, considering debt, equity, convertible bonds, strategic capital, and government participation.

• Strong balance sheet allows for thoughtful funding decisions aimed at maximizing long-term shareholder value.

• Securing uranium offtake agreements is progressing positively with utilities.