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Growth Strategy

Deep Yellow is delivering on its vision. Over the past 5 years the Company has successfully established a unique and sizeable Tier-1 platform and is now well-positioned to execute towards production over the next 5 years.

Deep Yellow is an advanced, geographically diverse uranium company, developing one of the largest global inventories to establish a +10 Mlb per annum, multi-mine producer and provide security and certainty of long-term supply into a growing market.

Since 2016, Deep Yellow has delivered excellent exploration and development growth through successful execution of its unique, dual-pillar growth strategy.

The rapid growth and success of Deep Yellow has been spearheaded by the current management team led by Managing Director and CEO John Borshoff and supported by a team that largely worked together at Paladin Energy, which developed two uranium mines in Africa and grew into a $4B producer.

On the ground in Namibia, the Company’s primary focus has been on its flagship Tumas Project. Since 2017, exploration and development work has grown Tumas significantly in size and scale, resulting in a potential 30+ year LoM and Ore Reserves of 67.3 Mlb.

The Tumas DFS announced in February 2023 was undertaken during a period of significant inflationary and supply logistical volatility. As Deep Yellow continues to develop Tumas towards production in 2026, it was prudent to complete a review of these results. In December 2023 Deep Yellow, along with Ausenco Services Pty Ltd (DFS Engineers), completed a DFS review at Tumas. Importantly, the results from the revised Study strengthened the Project’s status as a long-life, world-class uranium operation, highlighted by an NPV of US$570.0M (A$838.2M), IRR of 27.0%, and a long life of mine which is expected to be greater than 30 years. These results provide the Company with a strong platform to proceed with project financing and detailed engineering work.

In late 2023, Deep Yellow received the mining licence for Tumas, which was issued by the Namibian Ministry of Mines and Energy. The issue of the mining licence marked the delivery of another key milestone at Tumas and allows the Company to progress the Project towards production, establishing Tumas as the 4th uranium mine in Namibia. The Company is on track to make a Final Investment Decision in Q3 2024.

Located in Western Australia, the Company’s other advanced asset, Mulga Rock, is one of the largest uranium projects in Australia and, when combined with Tumas, provides excellent development optionality through two potential producing mines across Tier-1 jurisdictions and an attributable Mineral Resource base of 430 Mlb.

Mulga Rock is the only uranium project in Western Australia to reach “Substantial Commencement” opening a pathway to development and importantly, the only project in Western Australia positioned to capture the growing upside within the uranium market.

Deep Yellow will commence a revised DFS at Mulga Rock (post the acquisition of Vimy Resources Limited in August 2022) in Q2 2024 to assess the opportunity to develop the Project into a polymetallic operation, extending life of mine beyond the current 15 years, while significantly increasing project value and strategic importance.

Additional organic growth will be delivered through an exciting exploration pipeline spearheaded by the Omahola Project (Namibia) and Alligator River (Northern Territory).

Deep Yellow’s development and financial strength provides the platform for inorganic growth opportunities, with the Company focused on assessing and completing value-accretive consolidation opportunities to grow in size and scale with high quality conventional mining assets.

The moral acceptance and critical need for nuclear energy as part of the green energy mix is rapidly growing. World government attitudes and investor sentiment towards nuclear energy and uranium is increasing, driven by an acceleration in the clean energy thematic and decarbonisation, placing the uranium industry in a strong position for significant potential value uplift.

Geopolitical destabilisation across the globe has seen the critical need for supply diversification, playing into Deep Yellow’s well-conceived dual-pillar strategy.

Through the leadership and proven experience of Deep Yellow’s management and technical team, the Company is well-placed to become a major global uranium producer and provide security and certainty of long-term supply into a growing market.