Deep Yellow Limited · ASX:DYL
Deep Yellow — Macquarie Australia Conference 2025
31 slides from Deep Yellow's conference presentation, May 8, 2025
Slide 1: Corporate Update
Building a Global Uranium Company Corporate Update Don’t underestimate the supply challenge with a strongly growing nuclear demand Macquarie Australia Conference 6-8 May 2025 John Borshoff – Managing Director/CEO DYL: ASX / NSX (Namibia) DYLLF: OTCQX www.deepyellow.com.au www.deepyellow.com.au
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Deep Yellow Limited ABN 97 Past Performance Competent Person Statements - Previously Reported 006 391 948 (Company or Deep Yellow) for general information Past performance metrics and figures (including past share price information purposes only. The
Slide 3: Nuclear is Critical for a Clean and Secure Energy Future
01 Nuclear is Critical for a Clean and Secure Energy Future www.deepyellow.com.au
Slide 4: Strong Global Nuclear Power Reactor Growth
Strong Global Nuclear Power Reactor Growth Status 1 May 20251 Nuclear Reactors Globally US (94); France (57); China (58) Proposed Reactors 316 440 Russia (36); Japan (33); India (24); Korea (26); Ukraine (15); Canada (17); Other (80) Reactors Planned Reactors Under China (40); Russia (23); 99 Constr
Slide 5: Uranium Demand and Supply Equation - A Total Mismatch
Uranium Demand and Supply Equation - A Total Mismatch NUCLEAR DEMAND - over past 18 months URANIUM SUPPLY - over the past 18 months DEMAND ABSOLUTELY BOOMING SUPPLY ABSOLUTELY IN DOLDRUMS • China - maintaining strong growth projection • Supply sector has been in decline for over a decade • EU - over
Slide 6: Magnitude of the Supply Problem
MAGNITUDE OF THE SUPPLY PROBLEM Supply needs 2025 to 2100 Page 1 of 2 2025 180 Mlb pa (150 Mlb pa from mining)* 2040 300 Mlb pa (290 Mlb pa from mining) - UxC projects 328 Mlb 2060 500 Mlb pa (all mining)* 2100 800 Mlb pa* *Orano presentation Global Uranium Conference Adelaide 23 October 2024 • Huge
Slide 7: Supply Under Major Pressure
Supply Under Major Pressure Uranium Price Primed for Recovery Page 1 of 2 ● New reactor build to cause 2023 WNA forecast 2040 uranium huge supply challenge – requirement of up to 406 Mlb (high case) – excluding SMR and AI demand 2022 global mining production was 133 Mlb ● No new production - even wh
Slide 8: Only three Juniors outside US achieved production in the history of nuclear
Only three Juniors outside US achieved production in the 75 Year history of nuclear to present day 8
Slide 9: Deep Yellow – Well Positioned
02 Deep Yellow – Well Positioned www.deepyellow.com.au
Slide 10: Globally Diversified with Two Advanced, Long-Life Projects
Globally Diversified with Two Advanced, Long-Life Projects • Project portfolio provides diversity by asset, stage of development and geographic location • One of the largest uranium resource bases of any ASX-listed company (430 Mlb) • Uniquely positioned as one of the few uranium companies globally
Slide 11: A Top Performer in the ASX200 for FY24
A Top 10 Performer in the ASX200 for FY24 FY24 FY25 2.00 120 1.80 100 1.60 1.40 80 A$/Share1 1.20 US$/lb 1.00 60 Raised $250M 0.80 Nedbank mandate for 40 0.60 Tumas re- project finance FID deferred – staged costed DFS December 2023 development adopted 0.40 awaiting U price Tumas DFS EPCM engineer 20
Slide 12: Long-Term Contract Price vs Spot Price
Long-Term Contract Price vs Spot Price $110 Term price insufficient Spot price trades at to support greenfield US$106lb – 16 year high project development $100 $90 $80 $70 USD Covid-induced supply cuts Russia Market risk off – thin $60 combined with launch of invades volumes exacerbate Sprott physic
Slide 13: Structural Deficit Unavoidable even in early/mid-term
Structural Deficit Unavoidable even in early/mid-term 2030 Demand/Supply Forecast1 Future Supply Facts – Pre & Post 2030 Global Uranium 190-200 Mlb New Supply Requirements • Majority of new operations <2 Mlb pa • Uranium price does not warrant Total Production 184 Mlb greenfield development • Techni
Slide 14: Best Positioned Uranium Mid-Cap Company Globally
Best Positioned Uranium Mid-Cap Company Globally Two long-life advanced projects located in two Tier-1 mining jurisdictions – will Globally provide diversity, security and longevity of supply – key requirements for offtakers, Diverse investors and lenders Positioned to deliver uranium in the near te
Slide 15: Uniquely Positioned with Best-in-Class Team
Uniquely Positioned with Best-in-Class Team Capital Structure A Highly Experienced Team with a Proven Track Record Shares 972M Page 1 of 2 and over 500 Years of Combined Uranium Experience Market Cap1 ~A$900M to 1.7Bn across the Company Cash2 A$238M Uranium Board & Senior Management Index ASX200 Exp
Slide 16: Flagship Tumas Project - Namibia
03 Flagship Tumas Project - Namibia
Slide 17: Tumas Project – Process Plant and Infrastructure
Tumas Project – Process Plant and Infrastructure Significant Advancement of Tumas Project with 2025 DFS FID Deferred – Staged Development Early Works, Power and Water • Detailed engineering 2025 DFS announced with • Complete construction access road frozen scope/CAPEX/schedule established. Final Inv
Slide 18: Namibia – Excellent Infrastructure
Namibia – Excellent Infrastructure Existing • Page 1 of 2 Walvis Bay Port – Class 7 shipping located 80 km from site • Walvis Bay International Airport located 75 km from site During Construction • Infrastructure for mining fleet provided by mining contractor • 13.5 km site access road connects to t
Slide 19: Tumas Project Analysis (US$), Incorporating 2025 DFS Results
Tumas Project Analysis (US$), Incorporating 2025 DFS Results Key Commentary2 Project Financials (Ungeared): Real Unit 82.50/lb FAM 2* 110/lb Project operating life Years 30 30 30 • Head grade of U3O8 Produced Mlb 73 73 73 298ppm U3O8 (av) Gross revenue: total $M 6,146 7,714 8,160 • Annual production
Slide 20: Looking Ahead - a Differentiated Company
04 Looking Ahead - a Differentiated Company www.deepyellow.com.au
Slide 21: Mulga Rock Project, Western Australia – 100% DYL
Mulga Rock Project, Western Australia – 100% DYL • Project acquired through Vimy Resources Page 1 of 2 merger in August 2022 • Located in the Tier-1 mining jurisdiction of Western Australia, with granted Mining Leases • Globally significant Mineral Resource of 115.1Mt @ 415 ppm for 104.8 Mlb U3O8, p
Slide 22: Mulga Rock East – an Expanded Opportunity
Mulga Rock East – an Expanded Opportunity • Extensive resource/reserve upgrade and ore variability Page 1 of 2 drilling programs completed August 2023 Princess • Significant uranium, critical minerals (Cu, Ni, Co, Zn) and magnetic rare earth elements (notably Nd/Tb/Dy/Pr) resources identified Ambass
Slide 23: Exceptional Exploration Upside
Exceptional Exploration Upside Alligator River Project, Northern Territory - 100% Omahola Basement Project, Namibia - 100% • Located in the world-class uranium province of • Measured, Indicated and Inferred Resource Page 1 of 2 base of Alligator River, which hosts some of the highest-grade 125.4 Mlb
Slide 24: Two Substantial, Advanced Uranium Projects to Produce +7 Mlb
Two Substantial, Advanced Uranium Projects to Produce +7 Mlb Page 1 of 2 Initial Investment Production Mulga Rock Project Tumas Project 1 2029 2027 2.0 3.5 3.5 3.0 3.6 3.6 3.6 1.5 Year Year01 Year Year1 2 Year 23 Year Year 34 Year Year 4 Year5 Year 56 Year Year 67 Year Tumas − 30YR LOM Mulga Rock Tu
Slide 25: Key Workstreams and Anticipated Timing
Key Workstreams and Anticipated Timing TUMAS PROJECT MULGA ROCK ALLIGATOR RIVER M&A Page 1 of 2 Namibia Western Australia Northern Territory • Q1 2025 – Final Investment • Q1 2025 - Completion of • Q1 2025 – Geological • Ongoing - Continued focus Decision deferred. resin pilot testwork to surveys ev
Slide 26: Best Positioned Pure-Play Uranium Investment
Best Positioned Pure-Play Uranium Investment Page 1 of 2 Deep Yellow is successfully establishing the right platform at the right time ready to build greenfield projects when the U price is sufficient to incentivise greenfield project development Uranium market backdrop creates exceptional opportuni
Slide 27: Thank you
Thank you For Further Information T +61 8 9286 6999 E info@deepyellow.com.au W www.deepyellow.com.au @deepyellowltd deep-yellow-limited 27
Slide 28: Appendix 1 – Uranium Equivalents
Appendix 1 – Uranium Equivalents U3O8Eq grades are calculated as follows: Page 1 of 2 U3O8Eq = U3O8 + 0.093xCo + 0.028xCu + 0.074xNi + 0.118xREO + 0.009xZn • Those factors were calculated using the assumptions presented in the table below and, based on testwork completed to date, the Company believe
Slide 29: Namibian Mineral Resources
Namibian Mineral Resources JORC Mineral Resources — Namibia Notes: = Figures have been rounded and totals may refiect ‘small rounding errors. = XRF chemical analysis untess annotated ‘otherwise. ~ _ # Combined XAF Fusion Chemical Assays and U0, values. = U.0,- equivatent uranium grade as determined
Slide 30: Australian Mineral Resources
Australian Mineral Resources JORC Mineral Resources - Australia Notes: = Figures have been rouncied and totals may reflect, ‘small rounding errors. - ARF chemical analysis unless annotated otherwise. = #6U;0,- equivalent uranium grade as determined by downhole gamma logging. = #Combined XRF Fusion C
Slide 31: Ore Reserves
Ore Reserves JORC Ore Reserves — Namibia Notes: - Figures have been rounded and totals, ‘may reflect small rounding errors. 1. ASXrelease 18 December 2024; 2 Feb 2028 ‘Strong Results From Tumas Definitive Feasibility Study’ JORC Ore Reserves — Australia Notes: 2. ASX release 12 July 2017 ‘Significan