Deep Yellow Limited · ASX:DYL
Deep Yellow — UBS Uranium Day (May 2026)
21 slides from Deep Yellow's conference presentation, May 2026
Slide 1: Building a Global Uranium Company
Building a Global Uranium Company UBS Uranium Day People, Pounds & Pathway to Production Greg Field Craig Barnes Andrew Mirco DYL: ASX / NSX (Namibia) Managing Director and Head of Business Development and Chief Financial Officer DYLLF: OTCQX Chief Executive Officer Commercial May 2026
Slide 2: Important Notices
Important Notices Not an Offer or Investment Advice should note that past performance of the Company, including in relation to the estimates of reserves are largely dependent on the interpretation of data and may This presentation has been prepared by Deep Yellow Limited ABN 97 006 391 948 historica
Slide 3: The Right Assets AND the Right Team Ready for Execution
The Right Assets AND the Right Team Ready for Execution Deep Yellow owns one of the world’s largest uranium resource bases, with two advanced projects in the Tier-1 mining jurisdictions of Namibia and Australia. Committed to maximising shareholder value, Deep Yellow is poised to deliver production i
Slide 4: Globally Diversified with Two Advanced, Long-Life Projects
Globally Diversified with Two Advanced, Long-Life Projects World-scale project portfolio provides diversity by asset and geographic location. Mulga Rock (100%) Western Australia One of the largest uranium Studies and metallurgy underway resource bases of any ASX- Resource: 104.8 Mlb (415 ppm U308)6
Slide 5: Highly-Credentialed Execution Team in Place
Highly-Credentialed Execution Team in Place Board, Key Management Personnel and MD Namibia Chris Salisbury previously Chief Executive Iron Ore Rio Tinto - held senior roles at the Ranger Uranium Mine (Australia) and the A team of proven builders and Rossing Uranium Mine (Namibia). operators with dee
Slide 6: Financially Strong & Well Supported
Financially Strong & Well Supported Capital structure 120 3 A$1.6Bn1 A$172M2 975M 110 Shares on Market Cap Cash 2.5 issue 100 Uranium Spot Price (US$/lb)5 90 2 Major shareholders Share Price (A$/sh) 80 70 1.5 9.4%3 7.2%4 Sprott Inc. Paradice Investment 60 1 50 Research coverage 40 0.5 30 20 0 3-Jan
Slide 7: Tumas Project, Namibia
Tumas Project, Namibia Robust economics at US$82.5/lb1 Production1 Mine life 1 3.6Mlbs pa 30+ years NPV8 post-tax1 IRR post-tax1 US$577m 19% Initial capex 1,2 AISC costs 1,2, 3 US$474m US$45/lb U3O8 FID awaiting improved uranium contracting market Wide haul road constructed with 100 mm gypsum runnin
Slide 8: Tumas - Early Works Well Progressed
Tumas - Early Works Well Progressed 1. Topsoil Stockpile 2. Geology Offices 1 2 3 3. RUN Site Offices 4. Contractor Laydown 5. Contractor Site Establishment 5 6 7 8 6. PLS & Final Product 7. Reagents Warehouse 4 9 8. 20 MW Solar Array 10 11 9. Counter Current Decantation 12 13 10. Reagents 14 15 16
Slide 9: Mulga Rock Project, Western Australia
Mulga Rock Project, Western Australia Located in Western Australia, with granted Mining Leases. Globally significant Mineral Resource of 115.1 Mt @ 415 ppm for 104.8 Mlb U3O81 . Only uranium project in WA to reach “Substantial Commencement”, clearing pathway to development . Completed resin mini-pil
Slide 10: Future Growth: Alligator River Project, Australia - 100%
Future Growth: Alligator River Project, Australia - 100% Located in the world-class uranium province of Alligator River in Australia's Northern Territory, which hosts some of the highest-grade uranium deposits in the world (unconformity-related, Athabasca-style). Support from Traditional Owners. Ang
Slide 11: Future Growth: Omahola Basement Project, Namibia - 100%
Future Growth: Omahola Basement Project, Namibia - 100% The Omahola Project is part of a regional geological trend called Alaskite Alley, which includes the Rössing and Husab mines. It includes the Inca, Ongolo, and MS7 deposits. JORC Omahola Project 1 Resource U3O8 (ppm) U3O8 (100ppm cut off) (Mlb)
Slide 12: Base case: Advanced Pathway to Produce >7 Mlb U3O8 pa
Base case: Advanced Pathway to Produce >7 Mlb U3O8 pa INITIAL INVESTMENT PRODUCTION Tumas 2025 DFS completed, FID Mulga Rock Project3 awaiting U-price incentive Tumas Project1,2 3.5 3.5 Mulga Rock 2.0 Progressing studies and test work underway based on new value-enhancing project parameters 3.6 3.6
Slide 13: Long-Term Uranium Contract Price vs Spot Price
Long-Term Uranium Contract Price vs Spot Price Uranium contract vs spot (US$/lb)1 Tumas NPV8 sensitivity 3 $110 (US$, post tax) Spot price trades at US$106lb – 16 year high $11/lb $100 $110/lb $1,153m $90 $27/lb $80 FAM-2 $972m $18/lb $70 Russia invades Ukraine $82.50/lb $577m $60 COVID-induced supp
Slide 14: Long-Term Uranium Contracting Activity
Long-Term Uranium Contracting Activity • Long-term contracting volumes for CY 2025 only 116Mlb1 with 75Mlb contracted in Q4. Long-Term Uranium Contracting Activity 2 • Forecast uranium demand requirements for 2026 300 of 190-224Mlb1. • Only 20Mlb contracted YTD 20263. 250 • 62% of future requirement
Slide 15: Global Growth in AI Driving a Nuclear Renaissance
Global Growth in AI Driving a Nuclear Renaissance CAPEX RELATED TO AI DEMAND (US$bn)1 DATA CENTER POWER DEMAND (GW)2 CUMULATIVE SMR DEPLOYMENT (GW) 3 SPENDING TO MEET DEMAND FOR AI… … INCREASES DEMAND FOR POWER… … DRIVES NUCLEAR BUILDOUT AI Core Cloud 51 +47% CAGR 2,902 +44% CAGR1 156 44 135 47 2,27
Slide 16: Strong Uranium Market Thematic ... Getting Stronger
Strong Uranium Market Thematic ... Getting Stronger Big tech and regulatory support TradeTech 2030 Forecast2 Key Drivers to Nuclear Thematic 3 “ Rapidly increasing investment in AI is a significant tailwind, estimated to be ~11% • Russia’s Invasion of Ukraine – ultimately strengthened the case for n
Slide 17: Accelerating Global Demand
Accelerating Global Demand Global uranium market balance 79 reactors under construction (Mlb, U3O8) globally 450 Estimated Demand 1 China is targeting up to 500GW by 2050 (9x increase) 400 U.S. is targeting 400GW by 2050 (4x 350 increase); aiming to start 10 reactors by 2047 Million pounds U3O8 equi
Slide 18: Sustainability is a Core Operating Principle
Sustainability is a Core Operating Principle Our Principles Our Principles in Action • Uranium mining operates under more stringent regulatory and environmental standards compared to other commodities Donated specialised Compliance • No critical issues identified by Lenders’ Independent Technical Ex
Slide 19: Disciplined Approach to Maximising Shareholder Value
Disciplined Approach to Maximising Shareholder Value Supply Discipline Offtake Discipline • Have not brought pounds into the • Have not contracted at lower prices market before they are needed • Have waited until prices increased to reflect structural supply gap • Have waited until there is a struct
Slide 20: Right Assets + Right Team = Ready to Deliver Sustained Value
Right Assets + Right Team = Ready to Deliver Sustained Value Globally Near-term Tumas de-risked Unparalleled Unrivalled scale Poised to diverse, dual- uranium and execution team which is and growth capitalise on engine developer production ready execution driven pipeline current U market Advancing t
Slide 21: Thank you
Thank you For Further Information +61 8 9286 6999 @deepyellowltd info@deepyellow.com.au deep-yellow-limited www.deepyellow.com.au