Deep Yellow Limited · ASX:DYL
Deep Yellow — Shareholder Meeting (November 2025)
16 slides from Deep Yellow's shareholder meeting presentation, Nov 20, 2025
Slide 1: Building a Global Uranium Company – 2025 AGM Corporate Presentation
Building a Global Uranium Company 2025 AGM Corporate Presentation Craig Barnes Acting CEO & CFO 20 November 2025 DYL: ASX / NSX (Namibia) DYLLF: OTCQX www.deepyellow.com.au
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Deep Yellow Financial Information Forward Looking Statements Limited ABN 97 006 391 948 (Company or Deep Yellow) All dollar values are in Australian dollars (A$ or AUD) This presentation contains “forward-looking information” for general information
Slide 3: Leadership Transition & Strategy
Leadership Transition & Strategy Page 1 of 2 Appointment of new MD/CEO imminent – strong project execution capabilities and operational skillset Appointment of highly experienced MD in Namibia brings great confidence to Tumas Project delivery and continues Deep Yellow’s deep Namibian relationshi
Slide 4: Well Positioned to Capitalise on Uranium Market
Well Positioned to Capitalise on Uranium Market 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 ter
Slide 5: Financially Strong, Backed by Best-in-Class Team
Financially Strong, Backed by Best-in-Class Team Board and Executive Management Senior Technical Team Capital Structure Chris Salisbury** Executive Chairman Ed Becker* Head of Exploration Craig Barnes* Acting CEO & CFO Darryl Butcher* Head of Project Development 973M Gillian Swaby* Executive Directo
Slide 6: Delivering Shareholder Value
Delivering Shareholder Value Share price performance (year to date) 140% 120% +42% 100% 80% +6% 60% 40% +5% U3O8 Spot Price 20% - +4% (20%) -18% (40%) (60%) -33% Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 DYL BMN PDN LOT BOE U3O8 Spot Source: FactSet. Market data as
Slide 7: 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 8: Long Term Uranium Contract Price Vs Spot Price
Long Term Uranium Contract Price Vs Spot Price $110 Spot price trades at US$106lb – 16 year high $100 $90 $80 $70 USD/lb Russia invades $60 Ukraine Market risk off – Thin Yellow Cake Covid induced supply cuts combined with launch of Sprott volumes exacerbate US$175m physical uranium trust (SPUT) spo
Slide 9: Momentum in the Sector Continues to Accelerate
Momentum in the Sector Continues to Accelerate Multiple governments embedding nuclear in their long-term energy strategy (e.g. COP pledge to triple capacity) Supportive policy environment facilitates further growth (e.g. US executive orders, World Bank ban lifted) Hyperscalers focused on secur
Slide 10: Long-Term Uranium Contracting Activity
Long-Term Uranium Contracting Activity • Long-term contracting volumes for CY2025 only 50.5Mlb1 Long-Term Uranium Contracting Activity • Forecast uranium demand requirements 300 for 2025 of 185-205Mlb1 • 2025 contracting levels well below annual 250 market requirements and 10-year average 200 of ~10
Slide 11: Tumas Project Advancing
Tumas Project Advancing Updated DFS completed April 2025 o Annual production 3.6Mlb o Ore Reserves of 79.3 Mlb - 30-year LOM achieved Robust economics at US$82.50/lb uranium prices: o NPV post-tax: US$577M (A$912M); o IRR post-tax: 19%; o Initial CAPEX: US$474M1 ; and o C1 OPEX cost is US$38.60/
Slide 12: Mulga Rock Project, Western Australia – 100% DYL
Mulga Rock Project, Western Australia – 100% DYL • Project acquired through Vimy Resources merger in August 2022 • Located in Western Australia, with granted Mining Leases • Globally significant Mineral Resource of 115.1 Mt @ 415 ppm for 104.8 Mlb U3O8 • Only uranium project in WA to reach “Substant
Slide 13: 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- 125.4 Mlb at 1
Slide 14: Two Advanced Uranium Projects to Produce +7 Mlb U3O8 pa
Two Advanced Uranium Projects to Produce +7 Mlb U3O8 pa Page 1 of 2 Initial Investment Production Mulga Rock Project Tumas Project 1 3.5 3.5 2.0 3.0 3.6 3.6 3.6 1.5 Year Year0 1 Year Year1 2 Year 23 Year Year 34 Year Year 4 Year5 Year 56 Year Year 67 Year Tumas − 30YR LOM Mulga Rock Tumas – 2025 DFS
Slide 15: 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 16: 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 16