Announcement • Feb 02
Deep Yellow Limited Announces Resignation of Gillian Swaby as Executive Director, Effective February 2, 2026 Deep Yellow Limited announces hat Ms Gillian Swaby has decided to resign as an Executive Director of the Company, effective February 2, 2026. Ms Swaby will remain with the Company on a consulting basis until the end of February 2026. Ms Swaby joined Deep Yellow in 2005, initially as a Non-executive Director before taking on the role of Executive Director in 2016. During her time with Deep Yellow Ms Swaby played a key role in securing and advancing the Company's flagship uranium development opportunities, Tumas and Mulga Rock. Announcement • Sep 09
Deep Yellow Limited, Annual General Meeting, Nov 20, 2025 Deep Yellow Limited, Annual General Meeting, Nov 20, 2025. Location: perth Australia Announcement • Dec 20
Deep Yellow Limited Announces Updated Ore Reserve Upgrades Tumas Project Deep Yellow Limited announced updated Ore Reserve Estimate for Tumas completed with an 18% increase to 7G.3 Mlb U3O8 at 2G8 ppm using a 100 ppm U3O8 cut-off. This is sufficient for 30-years Life of Mine (LOM) and includes: Proved Reserves of 28.4 Mlb at 287 ppm U3O8. Probable Reserves of 50.9 Mlb at 305 ppm U3O8. The reserve upgrade and extended LOM was achieved using the increased throughput announced in the DFS of a maximum of 4.2 Mt pa or production rate of 3.6 Mlb pa U3O8. Significant potential exists to further increase LOM by upgrading the remaining Inferred Mineral Resources - approximately 30% of the highly prospective Tumas Palaeochannel system remains to be adequately tested. Announcement • Sep 30
Deep Yellow Limited Appoints Jim Morgan as Head of Project Delivery Deep Yellow Limited announced the appointment of Mr. Jim Morgan as Head of Project Delivery. Mr. Morgan is a seasoned mining executive with over 35 years of experience on high-value uranium and resource sector projects. Mr. Morgan is well known to the Deep Yellow team, as he was previously Executive General Manager Project Development for Paladin Energy from 2005-2012, during the period when John Borshoff was Paladin CEO. Mr. Morgan played a critical role in Paladin's successful construction of the Langer Heinrich uranium mine in Namibia (Stages 1 & 2) and the Kayelekera uranium mine in Malawi. Following his time at Paladin, Mr. Morgan was CEO of Carbine Tungsten Limited from 2012-2017 and, more recently, Managing Director of a private mining and infrastructure development consultancy firm. The appointment of Mr. Morgan further strengthens the Company's sector-leading team at a time when global support for uranium continues to rapidly grow, due to the fundamental role nuclear power will now need to play in providing baseload power and meeting clean energy targets. Deep Yellow continues to methodically progress the development of its two advanced projects: the flagship Tumas Project in Namibia, and the Mulga Rock Project in Western Australia. In his capacity, Mr. Morgan will take on the role of Project Director for Tumas, with a Final Investment Decision expected late fourth quarter 2024 aiming for production startup late 2026. Key development activities continue at Mulga Rock, with commencement of production scheduled for 2028. Reported Earnings • Sep 28
Full year 2024 earnings released: AU$0.013 loss per share (vs AU$0.014 loss in FY 2023) Full year 2024 results: AU$0.013 loss per share. Net loss: AU$10.6m (loss widened 5.1% from FY 2023). Revenue is forecast to grow 108% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Oil and Gas industry in Africa. Announcement • Sep 17
Deep Yellow Limited, Annual General Meeting, Nov 15, 2024 Deep Yellow Limited, Annual General Meeting, Nov 15, 2024. Announcement • Sep 12
Deep Yellow Limited Announces an Updated Mineral Resource Estimate for the Tumas 1, 1 East, 2 and 3 Deposits Located in the Erongo Region of Namibia Deep Yellow Limited announced an updated Mineral Resource Estimate (MRE) for the Tumas 1, 1 East, 2 and 3 Deposits, located on Mining Licence 237 (ML237) in the Erongo Region of Namibia. The deposit is held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd. (RUN). The Mineral Resource status upgrade is required to enable the definition of sufficient Proven Mineral Reserves for the first six years of operation and to support project financing. The objective of the program was to improve drill spacing in parts of Tumas 3 to 50 m x 50 m to enable the conversion of approximately 20 Mlb U3O8 from the Indicated to Measured JORC Mineral Resource status and collect additional core samples to enhance the density database of the orebodies. HIGHLIGHTS: Tumas 3 Measured Mineral Resource upgraded to 22.5 Mlb at 300 ppm eU3O8; At a 100 ppm cut-off, the updated Tumas 3 MRE has a Measured and Indicated Mineral Resource totalling 58.2 Mlb at 320 ppm eU3O8; Tumas 1, 2 and 3 Measured Mineral Resource upgraded to 38.5 Mlb at 253 ppm eU3O8; Remaining Indicated Mineral Resources include 63.6 Mlb at 278 ppm eU3O8; Total Measured and Indicated Mineral Resources of Tumas 1, 1 East, 2 and 3 a 102.1 Mlb at 268 ppm eU3O8; Mineral Resource Estimate upgrade follows 660 hole, 12,727 m RC resource infill drill program completed in June 2024; Tumas Project successfully achieves targeted +30-year Life-of-Mine; Significant upside potential remains to further increase the resource base associated with this highly prospective target; Ongoing resource drilling is planned to the west of Tumas 3 during FY2025, focusing on identifying an additional 30 Mlb to achieve a +35-year Life-of-Mine; The Ore Reserve Estimate for the Project, using current pricing points, will now be revised based on this upgraded Mineral Resource Estimate. Recent Insider Transactions • Aug 26
Independent Non-Executive Director recently bought R729k worth of stock On the 19th of August, Timothy Gordon Lindley bought around 60k shares on-market at roughly R12.15 per share. This transaction increased Timothy Gordon's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold R7.2m more in shares than they bought in the last 12 months. Recent Insider Transactions • Aug 25
Independent Non-Executive Director recently bought R729k worth of stock On the 19th of August, Timothy Gordon Lindley bought around 60k shares on-market at roughly R12.15 per share. This transaction increased Timothy Gordon's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold R7.2m more in shares than they bought in the last 12 months. Announcement • Jul 23
Deep Yellow Limited Announces Chief Financial Officer Changes Deep Yellow Limited announced the appointment of experienced mining finance executive Mr. Craig Barnes as Chief Financial Officer (CFO), commencing 1 August 2024. The appointment follows the resignation of Mr. Mark Pitts. Mr. Barnes is a Chartered Accountant with more than 25 years’ experience in senior finance and financial management roles within the mining industry both in Africa and Australia, including direct exposure to uranium development and production in Namibia. Mr. Barnes holds a Bachelor of Commerce degree from the University of the Witwatersrand, Johannesburg, and an Honours Bachelor of Accounting Science degree from the University of South Africa. Before joining Deep Yellow, he held the position of CFO of Galena Mining Limited and prior to that was CFO of Paladin Energy Limited for more than five years and CFO of DRDGOLD Limited and its affiliated subsidiaries for more than seven years. Announcement • May 23
Deep Yellow Limited Announces Executive Changes Deep Yellow Limited announced the appointment of Ms Susan Park as Company Secretary following the resignation of Mr. Mark Pitts. Ms Park is a governance professional with over 25 years' experience in the corporate financeindustry and extensive experience in Company Secretary and Non-Executive Director roles in ASX, AIM and TSX listed companies. Ms Park holds a Bachelor of Commerce from the University of Western Australia, is a member of Chartered Accountants Australia and New Zealand, a Fellow of the Financial Services Institute of Australasia, a Graduate Member of the Australian Institute of Company Directors and a Fellow of the Governance Institute of Australia. She is currently Company Secretary of several ASX listed companies. Mr. Pitts will remain available to the Company on a consulting basis and in his role as Chief Financial Officer. Reported Earnings • Mar 15
First half 2024 earnings released: AU$0.008 loss per share (vs AU$0.008 loss in 1H 2023) First half 2024 results: AU$0.008 loss per share (in line with 1H 2023). Net loss: AU$6.19m (loss widened 22% from 1H 2023). Revenue is forecast to grow 144% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Oil and Gas industry in Africa. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Recent Insider Transactions • Dec 09
Non-Executive Director recently bought R665k worth of stock On the 5th of December, Timothy Lindley bought around 50k shares on-market at roughly R13.29 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold R7.9m more in shares than they bought in the last 12 months. Recent Insider Transactions • Nov 28
Executive Director recently sold R8.6m worth of stock On the 23rd of November, Gillian Swaby sold around 600k shares on-market at roughly R14.31 per share. This transaction amounted to 6.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. New Risk • Nov 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of stocks in the market. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$33m free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings are forecast to decline by an average of 40% per year for the foreseeable future. Revenue is less than US$1m (AU$38k revenue, or US$24k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$28m net loss in 3 years). Shareholders have been diluted in the past year (3.7% increase in shares outstanding). Announcement • Oct 24
Deep Yellow Limited Announces Resignation of M Greene as Non-Executive Director with Effect from 23 November 2023 Deep Yellow Limited announced that Mr. M Greene has informed the Company that he will resign as a Non-Executive Director with effect from 23 November 2023. Announcement • Sep 29
Deep Yellow Limited, Annual General Meeting, Nov 24, 2023 Deep Yellow Limited, Annual General Meeting, Nov 24, 2023. Reported Earnings • Sep 28
Full year 2023 earnings released: AU$0.014 loss per share (vs AU$0.018 loss in FY 2022) Full year 2023 results: AU$0.014 loss per share. Net loss: AU$10.1m (loss widened 48% from FY 2022). Revenue is forecast to stay flat during the next 3 years compared to a 1.8% growth forecast for the Oil and Gas industry in Africa. New Risk • Sep 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$25m free cash flow). Earnings are forecast to decline by an average of 45% per year for the foreseeable future. Revenue is less than US$1m (AU$795k revenue, or US$507k). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Currently unprofitable and not forecast to become profitable over next 3 years (AU$38m net loss in 3 years). Share price has been volatile over the past 3 months (8.7% average weekly change). Shareholders have been diluted in the past year (3.7% increase in shares outstanding). Board Change • May 25
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Victoria Jackson was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 18
Deep Yellow Limited Appoints Tim Lindley as Non-Executive Director Deep Yellow Limited announced the appointment of Mr. Tim Lindley as Non-Executive Director, further strengthening the Board as the Company continues its strategy to establish a globally diversified, Tier-1 uranium platform with 10+Mlb production p.a. Mr. Lindley is an experienced investment banker who brings a proven track record and background in project finance, debt, equity capital markets and M&A. During his 25-year career, Mr. Lindley has held several senior and executive roles in both Australia and internationally, including Country Head (Australia) of Barclays Bank and a Managing Director of Morgan Stanley (Australia). Mr. Lindley has led and completed more than 100 financing transactions for resource companies operating across jurisdictions including Africa, Asia and Australia. He led several transactions for the Langer Heinrich mine and Paladin Energy Ltd. Mr. Lindley was previously a Non-Executive Director and Chair of the Audit and Risk committee for Onsite Rentals Group Pty Ltd. and Little Wings. Date of appointment is 17 May 2023. Reported Earnings • Mar 12
First half 2023 earnings released: AU$0.008 loss per share (vs AU$0.008 loss in 1H 2022) First half 2023 results: AU$0.008 loss per share (in line with 1H 2022). Net loss: AU$5.07m (loss widened 79% from 1H 2022). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 78% per year, which means it is well ahead of earnings. Announcement • Feb 16
Deep Yellow Limited Announces the Commonwealth Department of Climate Change, Energy, the Environment and Water Approves the Mulga Rock Project Sandhill Dunnart Conservation Plan Deep Yellow Limited announced the Commonwealth Department of Climate Change, Energy, the Environment and Water (DCCEEW) has approved the Mulga Rock Project Sandhill Dunnart Conservation Plan (SDCP), in accordance with condition 2 of the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act) for the project. Implementation of the Mulga Rock Project (MRP) was approved under Ministerial Statement No. 1046 (MS 1046) on 16 December 2016. Under Condition 2 of MS 1046, the Company was required to prepare the SDCP to manage the potential impact to the Sandhill Dunnart marsupial associated with the implementation of the project and reduce the threat to the Sandhill Dunnart posed by feral animals within the defined area. Condition 2 of MS1046 required further that the proposed defined area of the SDCP be located outside of the MRP development envelope and within the project boundary, contain at least 6,000ha of suitable habitat and contain a local population of Sandhill Dunnart. Announcement • Feb 02
Deep Yellow Limited Announces to Release the Results of the Tumas DFS, Showing the Uranium Project as a Potential World-Class Operation Delivering Robust Returns to Shareholders Deep Yellow Limited announced to release the results of the Tumas DFS, showing the uranium project as a potential world-class operation delivering robust returns to shareholders. The Tumas DFS Executive Summary prepared by DFS lead engineer, Ausenco Services Pty Ltd, with key input and direction from the Deep Yellow subject matter experts. A key feature of the DFS, compared to the Pre-Feasibility Study (PFS) outcome, is the increased production capacity of the plant from 3Mlbpa U3O8 to 3.6Mlbpa U3O8 and the increased throughput from 3.75Mtpa to 4.15Mtpa (11%). This has allowed positive economics to flow, despite a 26% increase in initial capital as a result of inflationary (and Covid) impacts over the past 2.25 years and the 20% increase in capacity. The Company is satisfied that the increase in both capital and operating costs identified in the DFS is reflective of the increased plant capacity and inflationary forces experienced in the 2.25 years since the PFS was completed. These inflationary and Covid-related pressures appear to have been most significant over the past year and to have reached a peak, with some costs now showing signs of reducing. This robust outcome underlines the prudent approach the Company and its development team take to each consecutive stage of project development, from Scoping Study to operations. The Tumas DFS, even under these difficult circumstances, has delivered strong results due to improved productivity and the conservative cost assumptions applied in the preceding studies. The experienced project development team has been consistent since September 2019 when the Tumas Scoping Study was commenced. Sustainability: Deep Yellow intends to adopt world-class sustainability initiatives in the development of Tumas. An Environmental Impact Assessment, meeting the requirements of the Namibian Government regulations, was completed by an independent third-party and involved extensive consultation with Government and community stakeholders. Consultation will continue with stakeholders of the three major towns of Swakopmund, Walvis Bay and Windhoek in Namibia before final submission to Government. Potential areas of environmental impact have been identified and detailed management plans, mitigation measures and monitoring requirements are detailed in the Environmental Management Plan. Key highlights include amendments to the mine plan sequencing to avoid or minimise disturbance to areas of ecological importance. The process plant has been specifically designed to produce a benign tailings stream that will not have any long-term environmental impacts once final rehabilitation and closure of the project has been completed. The predicted tailings behaviour, with respect to groundwater impact, has achieved independent, third-party endorsement from the Commonwealth Scientific and Industrial Research Organisation (CSIRO). Tumas will utilise mined-out areas for the storage of the benign tailings meaning open pits will be filled, covered and rehabilitated back to the original landform. The Company also intends to utilise solar farm technology to reduce the requirement for grid power and lower CO2 emissions by an estimated 850,000t over the life of the mine. The uranium produced by the mine will displace approximately 34,200,000 tonnes of black coal over the LOM, resulting in an additional reduction in CO2 emissions of 89,300,000 t over the LOM. Development of the Tumas Project is expected to result in significant, positive socio-economic impacts for the local, regional, and national economy including benefits in the creation of approximately 800 jobs in construction, approximately 520 direct jobs (including site contractors) and a further approximately 1,900 to 2,550 indirect jobs during operations. Announcement • Jan 31
Deep Yellow Limited Announces Resignation of Wayne Bramwell as Director Deep Yellow Limited announced that Mr. Wayne Bramwell has resigned as a director of Deep Yellow due to his increasing executive responsibilities. The Board appreciates Mr. Bramwell's contribution during the integration of Vimy Resources Limited and wishes him well in his future endeavours. Date that director ceased to be director 31 January 2023. Announcement • Jan 21
Deep Yellow Limited Provides Critical Minerals Assessment of Mulga Rock Project Deep Yellow Limited provided a progress update on the evaluation program undertaken on the Mulga Rock Project (MRP or Project), located in the Great Victoria Desert in Western Australia, 290km by road ENE of Kalgoorlie. As advised on 25 November 2022, Deep Yellow initiated an evaluation program, following on from its pre-merger work, after identifying an opportunity for a significant potential uplift in Project value by increasing the focus on recovery of critical minerals located within the existing Mulga Rock resource shells. This work and the possible future recovery of critical minerals will be completed within the existing approvals framework for the Project, seeking to better utilise the resource base of the MRP. The evaluation program is assessing the potential value of metals such as copper, nickel, cobalt, zinc, and rare earths (particularly neodymium and praseodymium), known to be present in these deposits. Preliminary work already completed by the Company demonstrated that optimising the process flow sheet and mining schedules, within approved pit boundaries, by considering the full economic mineral endowment of these polymetallic deposits, rather than focusing solely on uranium, may add substantial value to the Project. Drilling completed to date by Deep Yellow, associated with this program, has been restricted to the Mulga Rock East deposits (Ambassador and Princess). These deposits are richer in critical minerals and uranium, represent the majority of the known mineral resources and consequently will be mined before the lower grade deposits to the west in MRP's mining schedule, providing up to 20-years operating life. To help better define the assessment for value uplift at the MRP, a 63-hole, 4,099m geo-metallurgical aircore drill program was completed on 8 of December 2022. The program aimed to provide sample material for metallurgical analysis to determine ore variability and estimated process recoveries for critical minerals with 1,552 individual samples collected for metallurgical testing. Additionally, 1,862 samples will be submitted for multi-element geochemical analysis to support the metallurgical test work and re-assessment. Results will be reported once they become available. In support of the revised MRP DFS, a 600 to 800-hole aircore drill program is planned for completion in first half calendar year 2023 to better define reserve/resource variability, upgrade the resource classification for uranium and critical minerals and provide additional material for metallurgical analysis. Announcement • Dec 23
Deep Yellow Limited Announces Completion of Omahola Drilling and Positive Results Delivered Deep Yellow Limited announced the completion of its two-stage, 10,000m follow-up RC drilling program at the Omahola Project, which lies adjacent to the Company's flagship Tumas Project. Omahola comprises the Ongolo, MS7 and Inca basement-related deposits and is located on EPL3496, held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd. Omahola is located within the prospective `Alaskite Alley' corridor, which includes major uranium deposits like Rössing and Husab. The Project provides Deep Yellow with a compelling exploration opportunity, with potential to develop a Rössing/Husab basement-related operation should sufficient resources be discovered and delineated. Uranium deposits within the `Alaskite Alley' contain more than 800Mlb U3O8, with the Rössing mine alone having produced in excess of 200Mlb U3O8. Uranium Mineral Resources at Omahola include a Measured, Indicated and Inferred Mineral Resource base total of 125.3Mlb at 190ppm U3O8 using a 100ppm U3O8 cut-off. Drill Program Overview: The two-stage, 10,000m RC drill program commenced in March 2022, comprised of 77 holes for 4,529m and was designed to follow up positive results and targets generated from the shallow drill program completed in late 2021. Phase 1 drilling focused on: undercutting targets identified by the shallow drill program by exploring for south-western extensions of the Ongolo deposit; and extending anomalous zones identified and left open from the shallow drill program. Phase 1 drilling was completed in July 2022 and comprised of 40 holes for 5,252m. Phase 2 drilling commenced in September 2022 and was completed by mid-November 2022. Interim results for the Ongolo and MS7 areas were announced on 21 October 2022. Since then, the final 35 drill holes for 1,979m were completed at Inca Far South, located approximately 6km south-southwest of Inca. These were completed along four west-east orientated drill lines, with a hole spacing of 100m. Drilling targeted continuation of the prospective lithological-structural zone under cover. Abundant leucogranites were intersected under up to 40m thick tertiary cover. The leucogranites are radiometrically anomalous, however only locally contain thin uranium mineralisation above 100ppm eU3O8. Overall, the two-stage, 10,000m drill campaign delivered positive results. Drilling successfully identified a new prospective area 2km north of Inca and west of MS7, with two drillholes opening and extending the fertile zone of Omahola by 2km. Intersections include: OMH0298: 29m at 189ppm eU3O8 from 33m; and OMH0299: 28m at 190ppm eU3O8 from 36m. At Ongolo South, a distinct magnetic anomaly was targeted through hole OMH0309 and yielded uranium mineralisation with best intersections of: 2m at 282ppm eU3O8 from 10m; 3m at 211ppm eU3O8 from 22m; 5m at 285ppm eU3O8 from 72m; and 8m at 418ppm eU3O8 from 149m. In addition, drilling delivered multiple positive intersections at Inca South which included: OMH0254: 8m at 512ppm eU3O8 from 79m and 5m at 308ppm eU3O8 from 130m; and OMH0255: 5m at 270ppm eU3O8 from 52m. Conclusions: The two-stage, 10,000m drill program at Omahola delivered positive results and generated three new targets providing Deep Yellow with an exciting exploration opportunity to potentially identify additional resources at Omahola. Key details of these targets include: thick, uranium mineralised, stacked alaskites west of MS7 and north of Inca; the magnetic anomaly along the south-western extension of Ongolo South showing multiple mineralised alaskite intrusions and promising alteration features; and multiple uranium intersections at Inca South. The most promising of the newly discovered targets are the thick and stacked mineralised alaskites west of MS7, which will be explored by deeper RC drilling in 2023. Announcement • Dec 03
Deep Yellow Limited Announces Steven George Michael Not Seek Re-Election as Director Deep Yellow Limited announced that Mr. Steven George Michael who was appointed following the Vimy Resources Limited merger retired at the Annual General Meeting held on 25 November 2022 (in accordance with the Constitution). He did not seek re-election as director. Mr. Michael will be available to consult to the Company in the New Year. Announcement • Nov 25
Deep Yellow Limited Announces Tumas and Mulga Rock Update Deep Yellow Limited (Deep Yellow or Company) provided an update on the progress of the Tumas Definitive Feasibility Study (DFS) status and the evaluation work undertaken on Mulga Rock Project since the merger with Vimy Resources Limited (Vimy) occurred on 5 August 2022. The Tumas DFS has been completed, and the draft of the study document is under internal review by management and Board. The preliminary results indicate the Tumas Project remains commercially attractive despite capital and cost inflation consistent with the global mining environment. Examination of the draft financial model has indicated areas which can be further optimised to deliver increased value, before the DFS is finalised. The optimisation program will focus on the pre-production mining plan and its associated schedule to deliver a further uplift in value through a final detailed review of the development schedule and costs. The expectation at this stage is that the DFS results will be ready for release to the market in February 2023. The Company anticipates the optimisation outcome will provide a sound basis for preparation to proceeding with Front-End Engineering Design (FEED) in early CY2023. As advised in its September quarter activities report, Deep Yellow initiated an evaluation program after identifying, from its pre-merger due diligence work, the strong potential that a significant value uplift could be achieved for this project by increasing focus on recovery of critical minerals associated within the Mulga Rock deposit. This re-appraisal included an assessment of minerals such as copper, nickel, cobalt, zinc, and rare earths (particularly neodymium and praseodymium) known to be present in these deposits in potentially economic quantities. The study investigated the possibility of achieving further value to that identified by previous studies on this project by considering a less selective mining approach within and immediately below the existing pit designs. This less selective approach considers all the economic mineral endowment (in-pit value) existing in these polymetallic deposits, rather than focussing solely on uranium. To date the work has been restricted to the Ambassador and Princess deposits, (as these appear to have the critical mineral endowment and are the main sources of ore reserves for the Vimy 2018 DFS where a 15-year life of mine was determined. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Victoria Jackson was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Victoria Jackson was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 28
Deep Yellow Limited Announces Completion of an 18-Hole, 6,339M Diamond Drilling Program At the Angularli Deposit Deep Yellow Limited announced the completion of an 18-hole, 6,339m diamond drilling program at the Angularli deposit (Angularli), which forms part of the Alligator River Project. This program, which commenced in late June 2022, has successfully extended Angularli and identified further mineralised fault corridors nearby to the current Mineral Resource, which totals 25.9Mlb at 1.29 % U3O8, at a cut-off grade of 1,500ppm eU3O8. Details of all diamond drill holes and equivalent uranium grade (eU3O8). The results of the diamond drill program along with bulk density sample analyses will underpin the revision of a Mineral Resource update at Angularli, which will be completed in the first quarter of 2023. The Angularli Deposit is located approximately 380km by road, east-northeast of Darwin in the Northern Territory, Australia. Hosted in a high-angle shear fault system, Angularli hosts an Inferred Mineral Resource Estimate (MRE) of 0.91Mt at 1.29% U3O8, containing 25.9Mlb U3O8. in a combination of altered shists, quartzites and sandstones. The most recent drill program completed 18 holes for 6,339.2m between 28 June and 22 October 2022. The primary focus of drilling was to identify up-dip extensions of mineralisation associated with the Angularli Inferred Mineral Resource and determine the broader extent of the mineralising system with some exploratory drilling. This work achieved the following: · The drill holes to test mineralisation extensions were typically spaced 25m along each line on traverses 50 to 60m apart and demonstrated the continuity of mineralisation up- dip and down-dip of the current Mineral Resource. · Those holes sited between 150 and 600m away from the Angularli deposit were targeted to identify the extent of the mineralising system. These holes were successful in that they intersected sandstone-hosted (ARDD0016 and 19) and unconformity-bound (ARDD0011) primary uranium mineralisation coincident with extensive associated hydrothermal alteration. While this mineralisation was of lower grade than that identified at the Angularli deposit, these results nevertheless demonstrate the strong prospectivity of fault corridors extending north, west and south of the Angularli deposit and have expanded the target zone considerably for investigation by future drilling. Downhole gamma wireline logging was completed using a Mt Sopris 2PGA total gamma probe for drill holes ARDD0003 and ARDD0004 and a Mt Sopris HLP total gamma probe (better suited to discriminate high-grade uranium mineralisation) for all holes from ARDD0004 to ARDD0020, with both probes calibrated prior to this drill program. Geological and structural logging is being carried out on the orientated drill core, with core sampling carried out using a combination of downhole, handheld radiometric measurements and portable XRF data. Selected core samples will be sent for preparation to an analytical facility prior to multi-elemental analysis. Systematic analysis of the drill core, by portable XRF and spectral analyses to confirm mineralogy, is now underway using an Olympus Vanta portable XRF unit and the Company's Terraspec Analytical Spectral devices (ASD 4). Downhole gamma wireline logging was completed using a Mt Sopris 2PGA total gamma probe for drill holes ARDD0003 and ARDD0004 and a Mt Sopris HLP total gamma probe (better suited to discriminate high-grade uranium mineralisation) for all holes from ARDD0004 to ARDD0020, with both probes calibrated prior to this drill program. Geological and structural logging is being carried out on the orientated drill core, with core sampling carried out using a combination of downhole, handheld radiometric measurements and portable XRF data. Selected core samples will be sent for preparation to an analytical facility prior to multi-elemental analysis. Systematic analysis of the drill core, by portable XRF and spectral analyses to confirm mineralogy, is now underway using an Olympus Vanta portable XRF unit and the Company's Terraspec Analytical Spectral devices (ASD 4). The drill program has been successful in extending the sandstone-hosted primary uranium mineralisation, primarily in up-dip position from the Mineral Resource domain defined in 2018 and along-strike (further north). Logging of extensive mineralised sandstone-hosted uranium mineralisation confirmed a combination of breccia matrix fill, discrete uranium veining and disseminated primary uranium mineralisation, with limited uranium remobilisation associated along reduction- oxidation boundaries along the mineralised envelopes boundaries. Announcement • Oct 22
Deep Yellow Limited Updates on Two- Stage,10,000M Follow-Up RC and Core Drilling Program at Omahola Project Deep Yellow Limited provided an update on its two- stage, 10,000m follow-up RC and core drilling program at the Omahola Project (Omahola), which lies adjacent to the Tumas Project. Omahola comprises the Ongolo, MS7 and Inca basement-related deposits and is located on EPL 3496, held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd. Uranium Mineral Resources at a 100ppm U3O8 cut-off at Omahola include a Measured, Indicated and Inferred Mineral Resource base total 125.3Mlb at 190ppm U3O8. At a 150ppm U3O8 cut-off the deposits contain a combined 82.9Mlb U3O8 at 269ppm. Omahola provides Deep Yellow with a compelling exploration opportunity, with potential to develop a Rössing/Husab basement-related operation should sufficient resources be discovered and delineated. Omahola is located in the highly prospective "Alaskite Alley" corridor, which includes major uranium deposits Rössing, Husab, Etango and Valencia. These deposits contain more than 800Mlb U3O8, with the Rössing mine alone having produced in excess of 200Mlb U3O8. The prospective zone at Omahola extends for 50km of strike length. A shallow drilling program of 220 holes for 7,426m was completed in late 2021 and tested 16km of this target. 104 holes, or 47% of holes drilled, returned results of >50ppm eU3O8 over 1m as advised previously. From orientation studies carried out on drilling over existing basement-related uranium deposits, this threshold was found to be anomalous with regard to identifying potential for discovery of mineralisation at depth. Earlier this year, deep follow-up drilling identified high potential at Inca South. The second phase of the current two-stage, 10,000m follow-up drill program commenced in September 2022 and by mid-October, 43 holes for 2,950m have been completed. 30 holes remain to be drilled in this program. The focus of drilling has been on the southern side of the prospective corridor between MS7 and Inca and to the west of Ongolo South. Best results from the current shallow drill program were obtained from a new area 2km north of Inca and west of MS7. These intersections include: OMH0298: 29m at 189ppm eU3O8 from 33m; OMH0299: 28m at 190ppm eU3O8 from 36m These two mineralised drillholes open a new prospective area and extend the fertile zones of the Omahola Project by 2km. Downhole OPTV surveys have confirmed the occurrence of thick leucogranite which is the primary host of uranium mineralisation. Drilling west of Ongolo South targeted a tight fold structure. While the shallow drilling did not intercept mineralisation, it showed abundant leucogranite intrusions. Nearby, one distinct magnetic anomaly was targeted with hole OMH0309 and yielded intermittent mineralisation with best intercepts of: 2m at 282ppm eU3O8 from 10m; 3m at 211ppm eU3O8 from 22m; 5m at 285ppm eU3O8 from 72m; 8m at 418ppm eU3O8 from 149m Lithological logging confirmed semi-massive magnetite and biotite alteration within gneisses of the Khan formation and leucogranites. The drill program is continuing to test the prospective zone between MS7, Inca and Inca South. Shallow drilling of the prospective zone at Omahola will be carried out to cover a further 3km of untested strike length. This program is planned to be finalised during Fourth Quarter of calendar year 2022. Announcement • Oct 20
Deep Yellow Limited Announces the Appointment of Victoria Jackson as a Non-Executive Director Deep Yellow Limited announced further strengthening of its Board with the appointment of experienced resources and energy executive Ms Victoria Jackson as a Non-Executive Director. Ms Jackson is an excellent addition to the Deep Yellow Board and brings over 35 years' experience specialising in executive management, leadership and strategy. During her career, Ms Jackson held senior leadership roles for the WA Department of State Development, where she led policy development and major project approvals across the ESG sector including the key areas of safety, environment, heritage and communities. Ms Jackson progressed to the role of Executive Director of Energy Northern Territory, where she led onshore petroleum regulation, including relevant Northern Territory regulatory reform. She also played a key role in the development of renewable energy policy in the Northern Territory. Prior to her career in Government, Ms Jackson worked in exploration geology and cartography roles in the WA exploration industry. Ms Jackson is currently Executive Director WA for the Minerals Council of Australia. She is also a member of the National Offshore Petroleum Safety and Environment Management Authority board, and Chair of the Charles Darwin University Energy and Resources Institute Advisory Board. Ms Jackson holds a Bachelor of Science (Geology), a Diploma in Cartography and is a Graduate of the Australian Institute of Company Directors. Announcement • Oct 04
Deep Yellow Limited, Annual General Meeting, Nov 25, 2022 Deep Yellow Limited, Annual General Meeting, Nov 25, 2022. Reported Earnings • Sep 23
Full year 2022 earnings released Full year 2022 results: Net loss: AU$6.83m (loss widened 42% from FY 2021). Announcement • Aug 05
Deep Yellow Limited Announces Executive Appointments Deep Yellow Limited announced the appointments to the Company effective from 4 August 2022: Steven Michael (Executive Director); Wayne Bramwell (Non-Executive Director); and Anthony Chamberlain (member of the executive team). Steven Michael, Wayne Bramwell and Anthony Chamberlain join the Company from the board of Vimy Resources Limited (Vimy), following implementation of the scheme of arrangement between Vimy and Vimy's shareholders on 4 August 2022. Announcement • Jul 21
Deep Yellow Limited Continues Follow-Up Drilling At Omahola with Positive Result Deep Yellow Limited provided an update on its follow-up RC drilling program at the Omahola Project (Omahola), which lies adjacent to the Tumas Project.Omahola comprises the Ongolo, MS7 and Inca basement-related deposits and is located on EPL 3496, held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd. Uranium Mineral Resources at a 100ppm U3O8 cut-off at Omahola include a Measured, Indicated and Inferred Mineral Resource base total 125.3Mlb at 190ppm U3O8. At a 150ppm U3O8 cut-off the deposits contain a combined 82.9Mlb U3O8 at 269ppm (Appendix 1, JORC Resource). While the Tumas Project remains the priority focus of Deep Yellow, with the current DFS progressing as planned and expected to be completed during the latter part of CY2022, Omahola provides a compelling exploration opportunity, with potential to develop a Rössing/Husab basement-related operation should sufficient resources be delineated. Omahola occurs in the highly prospective "Alaskite Alley" corridor, which includes major uranium deposits Rössing, Husab, Etango and Valencia. These deposits contain more than 800Mlb U3O8, with the Rössing mine alone having produced in excess of 200Mlb U3O8. The prospective zone at Omahola extends for some 50km of strike length. A shallow drilling program of 220 holes for 7,426m, completed in late 2021 (reported 22 December 2021), tested 16km of this target. 104 holes, or 47% of holes drilled, returned >50ppm eU3O8 over 1m as advised previously. From orientation studies carried out on drilling over existing basement- related uranium deposits this threshold was found to be anomalous with regard to identifying potential for discovery of mineralisation at depth. The current 10,000m, two-stage follow-up drill program started in March 2022 and by mid-July, stage one has concluded, with 40 holes for 5,252m completed. 13 of these holes targeted 50% of the shallow drilling anomalies as defined by the >50ppm eU3O8 contours. A further 17 shallow holes were drilled to extend or better define first pass testing completed in the 2021 shallow drilling program. Best results from the current follow-up drill program were obtained from Inca South. These intersections include: OMH0254: 8m at 512ppm eU3O8 from 79m 5m at 308ppm eU3O8 from 135m OMH0255: 5m at 270ppm U3O8 from 52m. These intersections confirm a possible 2km south westerly extension of previous positive drill results, including 65m at 550ppm U3O8 at Inca South. Announcement • May 03
Deep Yellow Limited Announces Resignation of Justin Reid as a Director Deep Yellow Limited (Deep Yellow or Company) announced that Mr. Justin Reid has resigned as a Director of the Company effective as at 3 May 2022. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Non-Executive Chairman Chris Salisbury was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 07
Deep Yellow Limited Completes Barking Gecko Phase 2 Drilling Deep Yellow Limited advised that the Phase 2 follow-up RC drill program at the Barking Gecko North prospect (EPL3669) involving ten holes for 2,272m, was completed on 18 March 2022. Barking Gecko is part of the Nova Joint Venture Project (NJV) in Namibia, located within EPL3669. Japan Oil, Gas and Metals National Corporation (JOGMEC) completed its 39.5% earn-in obligation through expenditure of AUD 4.5 million. The drill program focused on defining the spatial setting and possible extent of the strongly mineralised alaskite intrusions previously identified at Barking Gecko North. A total of ten RC holes for 2,272m and one diamond tailed-RC hole were drilled in Phase 2. Diamond hole TN270DDT, which was drilled previously, showed exceptionally encouraging results as was reported 18 January 2022. Of the ten RC holes drilled, all ten intersected uranium mineralisation greater than 100ppm eU3O8 over a minimum thickness of one metre. This follow-up drilling did not return the high grades or thicknesses that was encountered previously in the central zone of the Barking Gecko North prospect. The best result from the latest drilling included 57m greater than 100ppm eU3O8 at 174ppm eU3O8 over six intersections in TN271RC between 10 and 94m. In addition, TN278RC intersected 10m greater than 100ppm at 573ppm eU3O8 over two intersections between 95 and 133m. In-house portable XRF assaying identified a thorium component in this intersection showing 10m at 324ppm U3O8 and 88ppm Th. The bulk of the measurements do however generally confirm a uranium dominance in this mineralising system with an average U/(U+Th) ratio of 0.8. Portable XRF analyses are continuing. The previously drilled central NW-SE trending drill line at Barking Gecko North was drilled with holes at 100m to 50m hole spacing. The follow-up Phase 2 drilling flanked this line with a100m step-out both to the north-east and the south-west. This drilling failed to locate the thick and strong mineralisation intersected previously. There is the possibility however that the strong mineralisation identified extends at depth trending to the northeast as three holes, (TN273RC, TN274RC and TN275RC) did not reach target depth due to drill rig limitations. The results to date appear to limit the strike length of the mineralised intrusions to 300m and the width to 200m, and the question of whether the mineralised intrusions exist in stacked form (thus increasing potential) has not been resolved. Downhole optical televiewer logging (OPTV) is underway on selected drill holes. The structural setting of the mineralisation is considered key to understanding where future effort should be focussed. Interpretation of the OPTV data to be collected will be used to further define the structural trends controlling the mineralised intrusions. The main orientation of the mineralized zone is currently interpreted to be northeast-southwest, however other controlling structural trends are expected to be recognised and may assist with identifying additional targets to test and extend the mineralisation at Barking Gecko North. Mineralised intersections from the current reporting period that are above 100ppm U3O8 cut-off over at least one metre. The equivalent uranium values (eU3O8) are based on down-hole radiometric gamma logging carried out by a fully calibrated Aus-Log gamma logging system. Although the results of the Phase 2 RC drilling at the Barking Gecko North prospect continue to indicate that a mineralising system of some size exists, it did not replicate the high grades returned from the previous drilling. The lateral size of the prospective area as defined by the high grade and thick uranium mineralisation appears to be restricted laterally but results indicate the potential for continuation of the mineralisation at depth. Evaluation of structural data generated from the OPTV down-hole logging that is currently underway may identify the key trend controlling the high-grade mineralised zone and further targeted drilling may be required to test the true extent and boundaries of the mineralisation. Additional exploration targets also exist east and south of Barking Gecko including at Turtle's Neck further to the south of EPL3669, which require evaluation. Deep Yellow Limited is a differentiated, advanced uranium exploration company, in pre-development phase, implementing a contrarian strategy to grow shareholder wealth. This strategy is founded upon growing the existing uranium resources across Deep Yellow's uranium projects in Namibia and the pursuit of accretive, counter-cyclical acquisitions to build a global, geographically diverse asset portfolio. A PFS was completed in early 2021 on its Tumas Project in Namibia and a Definitive Feasibility Study commenced February 2021. Deep Yellow's cornerstone suite of projects in Namibia is situated within a top-ranked African mining destination in a jurisdiction that has a long, well-regarded history of safely and effectively developing and regulating its considerable uranium mining industry. Announcement • Apr 01
Deep Yellow Limited (ASX:DYL) agreed to acquire Vimy Resources Limited (ASX:VMY) approximately AUD 330 million. Deep Yellow Limited (ASX:DYL) agreed to acquire Vimy Resources Limited (ASX:VMY) approximately AUD 330 million on March 30, 2022. Under the terms, Vimy shareholders will receive 0.294 Deep yellow ordinary shares for every ordinary fully paid Vimy shares and 0.210 Deep yellow shares for the Vimyy options at AUD 0.210 per share. Deep Yellow Limited and Vimy Resources Limited will merged to form a new group in which Deep Yellow hold 53% of the merged group and vVmy resources will hold 47% of the merged group. The Vimy Board unanimously recommends that Vimy Shareholders vote in favour of the Scheme. Transaction is subject to Vimy has least AUD 17 million in net cash, Vimy shareholders approved the scheme, Court approval of scheme, An independent opinion that the transaction is in the best interest of vimy shareholders and other customary, regulatory conditions. Termination fee of AUD 2.5 million is payable by buyer or seller. Post closing, board of the merged group will be led by Deep Yellow's Managing Director and Chief executive officer, John Borshoff and Deep Yellow's Non-Executive chairman Chris Salisbury. Deep yellow's existing Directors and Non-executive Directors will be joined by Vimy's Steven MIchael as an Executive Director and Wayne Bramwell as a Non-Executive Director. Transaction will be completed in July 2022. Houlihan Lokey (Australia) Pty Limited, Aitken Murray Capital Partners Pty. acted as financial advisor and Gilbert and Tobin acted as legal advisor to Deep Yellow Limited. Macquarie Securities (Australia) Ltd. acted as financial advisor and MinterEllison acted as legal advisor to Vimy Resources Limited. Reported Earnings • Mar 17
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: AU$0.008 loss per share (vs AU$0.008 loss in 1H 2021). Net loss: AU$2.83m (loss widened 36% from 1H 2021). Revenue exceeded analyst estimates by 25%. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 10
Deep Yellow Limited Announces Commencement of Follow-Up Drilling at Omahola Deep Yellow Limited announced the commencement of follow-up drilling at Omahola. Three discrete deposits, Ongolo, MS7 and Inca were discovered, collectively called the Omahola Project (Omahola) and located on EPL 3496, held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd. Omahola occurs in the highly prospective "Alaskite Alley" corridor, which includes major uranium deposits Rössing, Husab, Etango and Valencia. Collectively, these deposits contain more than 800Mlb U3O8, with the Rössing mine alone having produced in excess of 200Mlb U3O8. Uranium mineralisation at Omahola occurs across the three deposits of Ongolo, MS7 and Inca and is associated with sheeted leucogranites, locally known as alaskites, and hydrothermal skarn formation. A shallow drilling program completed in late 2021 followed an internal evaluation of historicalOmahola drill results. The drilling program that resulted was successful in highlighting that basement related deposits may be discovered by systematic shallow drilling. The program also defined the existence of an extensive associated prospective zone together providing another significant exploration target for the Company to unlock further value across its Namibian portfolio. The drill results from the 2021 program identified three follow-up targets requiring testing for possible extension of the Ongolo deposit and testing anomalous zones west of MS7 and south of Inca. Additional work will also be carried out focussing on extending the shallow drilling along the prospective zone that has been identified. Phase 1 of the program commenced 7 March and will comprise of 39 holes for 4,900m, with focus areas and drill hole locations shown in Figures 2 and 3. Key Phase 1 program details are: 13 holes for 2,500m to undercut targets identified by the 2021 shallow drilling program; 9 holes for 1,900m to explore for south-western extensions of the Ongolo deposit; 17 holes for 500m to extend anomalous zones identified and left open by the 2021 shallow drilling program. Phase 1 of the drilling program is anticipated to be completed by end of April 2022, with Phase 2 expected to commence in May 2022. Announcement • Feb 03
Tdeep Yellow Limited Provides an Update on the Tumas Definitive Feasibility Study Deep Yellow Limited provided an update on the Tumas Definitive Feasibility Study (DFS). Importantly, the DFS is progressing as planned, with key workstreams completed to date delivering excellent results improving on some key inputs and generally confirming the assumptions outlined in the very positive Tumas Pre-Feasibility Study (PFS) completed in January 2021. The first phase of DFS work, consisting of Ore Reserve expansion, Mining Licence Application (MLA), Environmental Impact Assessment (EIA), trade-off studies and detailed metallurgical testwork, has been largely completed. The Company will now transition to the second and final phase of DFS work which includes further detailed process design, operating and capital cost estimates, detailed mine planning, detailed Ore Reserve optimisation and negotiation of material contracts in preparation for project implementation. Key external experts for this work include Ausenco Services Pty Ltd. (Ausenco) and Cube Consulting (Cube), who were also important contributors to the PFS. Ausenco provided Deep Yellow with engineering assistance during both the PFS and current phase of the DFS. This support will continue through to the conclusion of the DFS and Ausenco will undertake lead authorship of the DFS report. Cube provided Deep Yellow with mining engineering and Ore Reserve estimation expertise for the PFS and recently updated the Tumas Ore Reserve estimate. Cube will now assist with detailed optimisation of the Ore Reserves and mine scheduling for DFS Life of Mine financial modelling. The Company's in-house technical team will also be expanded to facilitate and support these important workstreams. In parallel with commencement of the second phase of DFS work, engagement with debt- funding providers and potential customers will also commence to familiarise these parties with the Project and the Company. During work undertaken to date, the Ore Reserves available to the Project have been increased by an impressive 120%, to 68.4Mlb U3O8 at an average grade of 345ppm U3O8, using a cut-off grade of 150ppm U3O84. Significant potential remains to further expand Ore Reserves in the Project area, by utilising the 48.6Mlb Inferred Resources available for upgrade and importantly, additional exploration upside exists with approximately 40% of the highly prospective Tumas Palaeochannel system remaining to be adequately tested. The upgrade to the Ore Reserve and Mining Study undertaken were important areas of work and have fulfilled a critical DFS target, after the PFS outlined the sensitivity of the Project to mine life and indicated a doubling of the NPV could be achieved by increasing mine life beyond 20 years at PFS production rates. This important milestone has now been achieved. Announcement • Jan 18
Deep Yellow Limited Identifies Thick High-Grade Mineralisation At Barking Gecko Deep Yellow Limited announced that the Phase 2 follow-up drill program at the Barking Gecko North prospect (EPL3669) was initiated on 18 November 2021, through the commencement of the program's first diamond drill hole TN270DDT. This hole was successfully completed on 15 December reaching a depth of 266m. The Barking Gecko prospect is part of the Nova Joint Venture (NJV) located within EPL 3369 in Namibia. Japan Oil, Gas and Metals National Corporation (JOGMEC) completed its 39.5% earn-in obligation through expenditure of AUD 4.5 million in October 2020. Since completion of the earn-in, the NJV parties are now jointly contributing in accordance with their equity holdings as follows: The purpose of drilling diamond hole TN270DDT was to acquire critical core sample material for detailed geological and structural logging to assist with the clarification of the 3D setting of the highly prospective, strongly mineralised zone discovered at Barking Gecko North. To date, this zone has only been tested by RC drilling. With completion of hole TN270DDT, the mineralised alaskite intrusions can be more accurately studied to develop a better understanding of the mineralisation controls, enabling optimal positioning of the RC holes planned for the next stage of the Phase 2 drill program. Phase 1 drilling at Barking Gecko North comprised of 14 holes for 3,561m and was completed in October 2021. Importantly, this program returned encouraging results, with 13 of the 14 holes intersecting uranium mineralisation. The standout result was from hole TN258RC, which contained 70m at 503ppm eU3O8 within four intersections over an 83m thick zone from 178m depth, as reported on 5 August and 19 October 2021. Phase 1 NW-SE orientated drilling in the central area delivered the best results. TN270DDT was targeted to undercut this mineralisation and intersect an east-west-trending fault, interpreted from magnetic data, which is considered to influence the setting of the mineralisation. TN270DDT was angled 70 degrees to the north to obtain orientated core to better define,understand and confirm the structural setting of this mineralisation, which to date, was interpreted from RC drill chips and down-hole optical televiewer (OPTV) surveys. TN270DDT intersected 118m at 352ppm eU3O8 from 75m using a 100ppm eU3O8 cut-off grade occurring within eight intersections over a 190m interval. This confirms the strong mineralisation associated with this prospect, the northeast-southwest trend of the mineralised intrusions and the presence of an east-west trending fault. The best continuous intersections within the mineralised envelope include 10m at 954ppm eU3O8 from 88m, 60m at 304ppm eU3O8 from 150m and 30m at 382ppm eU3O8 from 235m. Executive Departure • Dec 01
Non-Executive Director Christophe Urtel has left the company On the 29th of November, Christophe Urtel's tenure as Non-Executive Director ended after 9.1 years in the role. We don't have any record of a personal shareholding under Christophe's name. Christophe is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.08 years. Reported Earnings • Sep 25
Full year 2021 earnings released: AU$0.017 loss per share (vs AU$0.012 profit in FY 2020) Full year 2021 results: Net loss: AU$4.82m (down 268% from profit in FY 2020). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 16% share price gain to R8.54, the stock trades at a trailing P/E ratio of 67.6x. Average trailing P/E is 7x in the Oil and Gas industry in Africa. Total returns to shareholders of 70% over the past three years. Announcement • Aug 20
Deep Yellow Limited Announces Completion of the Tumas DFS Resource Upgrade Drilling Program at the Tumas 3 and 1 East Deposits, Located on EPLs 3496 and 3497 Deep Yellow Limited announced successful completion of the Tumas DFS resource upgrade drilling program at the Tumas 3 and 1 East deposits, located on EPLs 3496 and 3497. The Tumas Project is held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd. (RUN). Uranium mineralisation at Tumas 1, 2 and 3 is of the calcrete-type, located within an extensive, mainly east-west trending, palaeochannel system. Uranium mineralisation occurs in association with calcium carbonate precipitations (calcrete) in sediment-filled palaeovalleys. The mineralisation at Tumas 1 East occurs as a discrete mineral deposit, occurring separately and east from the other uranium deposits within this highly fertile palaeochannel system, which includes Tumas 1, 2 and 3 in addition to the Tubas Red Sand/Calcrete deposits. Infill drilling commenced at Tumas 1 East after completion of drilling at Tumas 3 West on 18 June 2021 and was completed on 12 August with 556 holes drilled for 6,982m. Completion of drilling at Tumas 1 East finalises the broader DFS resource upgrade drilling program, which focused on expanding the LOM to 20+ years and achieving a drill hole spacing sufficient to enable a resource conversion from Inferred to Indicated JORC resource status. Importantly, drilling completed at Tumas 1 East indicates that expectations for the conversion rate to Indicated Resource category are being met, with 70% or 390 holes of the 556 holes completed returning uranium mineralisation greater than 100ppm eU3O8 over 1m. Infill drilling at Tumas 1 East concentrated on Tributary 1, where mineralisation shows the width, continuity and thickness expected to allow for high percentage conversions from resources to reserves. The mineralisation is located between 1 to 15m depth, with an average thickness of 5.5m at 100ppm eU3O8 cut-off. The positive results from infill drilling at Tumas 1 East, which outlines GT (grade x thickness) in colour code, indicating continuity of uranium mineralisation at Tumas 1 East. The equivalent uranium values (eU3O8) are based on downhole radiometric gamma logging carried out by a fully calibrated AusLog gamma logging system. Since commencement of the DFS resource upgrade drilling program in February 2021, a total of 1,473 holes were drilled for 24,942m, including 6 holes for metallurgical sampling and 20 holes for optical down hole surveys. Three RC drill rigs were engaged for this work. The primary objective of the DFS drilling program was to expand the current LOM from 11.5 years (as defined in the recently completed PFS) to 20+years (as targeted in the ongoing DFS). With the drilling program now completed, a new Mineral Resource Estimate will be established for the Tumas Project and will become the basis for producing the updated Reserve status of the Project for incorporation into the Tumas DFS to enable consideration of a 20+year LOM. An intermediate updated Mineral Resource Estimate for Tumas 3 was announced on 29 July, delivering an impressive 117% direct conversion of the existing Inferred Mineral Resource to Indicated Mineral Resource category. The equivalent uranium values (eU3O8) are based on downhole radiometric gamma logging carried out by a fully calibrated AusLog gamma logging system. The Probable Reserves (as identified for the recently completed PFS) and remaining Indicated and Inferred Resources established from the February to August resource upgrade drilling have all been derived from testing of only 60% of the known fertile regional palaeochannel system. Significant upside potential remains to further increase the resource base of the Tumas Project, with 50km of channel system remaining to be tested. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 24% share price gain to AU$7.82, the stock trades at a trailing P/E ratio of 60x. Average trailing P/E is 7x in the Oil and Gas industry in Africa. Total returns to shareholders of 100% over the past three years. Announcement • Jul 15
Deep Yellow Limited Announces Completion of RC Infill Drilling at the Tumas 3 Deposit, Located on EPL3496 Deep Yellow Limited announced completion of the RC infill drilling program at the Tumas 3 deposit, located on EPL3496. The Tumas Project is held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd. (RUN). The Tumas 3 uranium mineralisation is of the calcrete-type, located within an extensive, mainly east-west trending, palaeochannel system. Uranium mineralisation occurs in association with calcium carbonate precipitations (calcrete) in sediment filled palaeovalleys. The mineralisation at Tumas 3 (comprising Tumas 3 Central, Tumas 3 West and Tumas 3 East) occurs as a discrete mineral deposit, occurring separately from the other uranium deposits within this highly fertile palaeochannel system, namely Tumas 1 (which also includes Tumas 1 East) and Tumas 2 in addition to Tubas Red Sand/Calcrete deposits. Infill drilling commenced at Tumas 3 West after completion of drilling at Tumas 3 Central on 28 May 2021. The drill program at Tumas 3 west completed 107 holes for 3,058m by 18 June. Since commencement of the infill drilling program in February 2021, 911 holes have been drilled for 17,679m. Three drill rigs are engaged for this work. The DFS resource upgrade drilling program is focused on expanding the current Life of Mine (LOM) to 20+ years. The infill drilling program was focused on achieving a drill hole spacing sufficient to enable a resource conversion from Inferred to Indicated JORC resource status. Importantly, drilling completed at Tumas 3 West indicates that expectations for the conversion rate to Indicated Resource category are being met, with 38% of the 107 holes completed returning uranium mineralisation greater than 100ppm eU3O8 over 1m. Although statistics of uranium grades are slightly lower at Tumas 3 West, this was expected as this small area occurs at the periphery of the main Tumas 3 deposit and had to be tested to complete the infill drilling program. Mineralisation in certain areas at Tumas 3 West is narrower and more holes were required to close off the mineralisation than toward the major, central part of Tumas 3. The equivalent uranium values are based on down-hole radiometric gamma logging carried out by a fully calibrated AusLog gamma logging system. Positive results from infill drilling as of 28 May are reflected in Figure 2, which outlines GT (grade x thickness) in colour code, comparing previous drilling results against most recent results. The infill drilling program continues at Tumas 1 East. The primary objective of the overall program including Tumas 3 East, Central and West is to expand the LOM from 11.5 years (as defined in the recently completed PFS) to 20+years. This program is expected to be completed in July. Following the completion of the drill program, a new Mineral Resource Estimate will be produced for incorporation in the Tumas DFS to enable consideration of a 20+year life of mine. An intermediate updated Mineral Resource Estimate for Tumas 3 will be announced in late July. The Probable Reserves (as identified for the recently completed PFS), remaining Indicated and Inferred Resources on the Tumas Project have all been derived from testing of only 60% of the known regional palaeochannel system. Significant upside potential remains to further increase the resource base associated with this highly prospective target, with 50km of channel systems remaining to be tested. Announcement • Jun 08
Deep Yellow Limited Announces Positive Results Continue At Tumas 3 DFS Resource Drilling Deep Yellow Limited announced completion of the RC resource upgrade infill drilling program at the Tumas 3 Central deposit, located on EPL3496. The Project is held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd. (RUN). The mineralization at Tumas 3 (comprising Tumas 3 Central, Tumas 3 West and Tumas 3 East) occurs as a discrete mineral deposit, occurring separately from the other deposits so far discovered within highly uranium fertile Tumas palaeochannel system, namely, Tumas 1 (which also includes Tumas 1 East) and Tumas 2 in addition to Tubas Red Sand/Calcrete deposits. Infill drilling moved to Tumas 3 Central on 28 April 2021 following completion of drilling at Tumas 3 East, with 359 holes drilled for 7,634m by 27 May. Work is now progressing at Tumas 3 West. Since the beginning of the program in February 2021, 804 holes for 14,621m have been drilled. Three drill rigs are engaged for the work. The infill drilling program is focused on achieving a drill hole spacing sufficient to enable a resource conversion from Inferred to Indicated JORC resource status. Importantly, drilling completed at Tumas 3 Central is indicating that expectations for the conversion rate to Indicated Resource category are being met, with 48% of the 359 holes completed returning uranium mineralization greater than 100ppm eU3O8 over 1m, and 25% showing uranium mineralization greater than 200ppm eU3O8 over 1m. The equivalent uranium values are based on down-hole radiometric gamma logging carried out by a fully calibrated Aus-Log gamma logging system. HIGHLIGHTS: 359 holes for 7,634m completed at Tumas 3 Central: Drilling aimed at converting remaining Inferred Resources to Indicated JORC status and defining the periphery of the Tumas 3 deposit to expand the DFS LOM to 20+ years; 804 holes for 14,621m drilled since February 2021. 48% of holes drilled intersected mineralization greater than 100ppm eU3O8 over 1m. Best intersections (200ppm eU3O8 cut-off grade) include: T3I930: 10m at 1,945ppm eU3O8 from 28m; T3I963: 8m at 2,242ppm eU3O8 from 10m; T3I973: 9m at 1,897ppm eU3O8 from 7m; T3I771: 5m at 1,222ppm eU3O8 from 16m; T3I1151: 8m at 754ppm eU3O8 from 16m. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 21% share price gain to AU$10.03, the stock trades at a trailing P/E ratio of 78.9x. Average forward P/E is 10x in the Oil and Gas industry in Africa. Total returns to shareholders of 221% over the past three years. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improved over the past week After last week's 20% share price gain to AU$8.28, the stock trades at a trailing P/E ratio of 63.4x. Average forward P/E is 8x in the Oil and Gas industry in Africa. Total returns to shareholders of 239% over the past three years. Announcement • May 05
Deep Yellow Limited Announces Completion of the First Phase of the Tumas RC Infill Drilling Program at the Tumas 3 East Deposit Deep Yellow Limited (Deep Yellow) announced completion of the first phase of the Tumas RC infill drilling program at the Tumas 3 East deposit, located on EPL3496. The Project is held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd. (RUN). The Tumas 3 uranium mineralisation is of the calcrete-type, located within an extensive, mainly east-west trending, palaeochannel system. Uranium mineralisation occurs in association with calcium carbonate precipitations (calcrete) in sediment filled palaeovalleys. The mineralisation at Tumas 3 (comprising Tumas 3 Central, Tumas 3 West and Tumas 3 East) occurs as a discrete mineralised deposit, occurring separately from the other uranium deposits within this fertile palaeochannel system, namely Tumas 1 (which also includes Tumas 1 East) and 2 in addition to Tubas Red Sand/Calcrete deposits. Phase one drilling commenced at Tumas 3 East on 16 February and was completed on 28 April 2021, with 445 holes drilled for 6,987m. Up to three drill rigs were engaged for the work. The phase one program was focused on achieving a drill hole spacing sufficient to enable a resource conversion from Inferred to Indicated JORC resource status. Importantly, drilling completed at Tumas 3 East indicates that expectations for the conversion rate to Indicated Resource category are being met, with 48% of the 445 holes completed returning uranium mineralisation greater than 100ppm eU3O8 over 1m, and 25% showing uranium mineralisation greater than 200ppm eU3O8 over 1m. The equivalent uranium values are based on down-hole radiometric gamma logging carried out by a fully calibrated Aus-Log gamma logging system. The positive results from phase one are reflected in Figure 2, which outlines GT (grade x thickness) in colour code, comparing previous drilling results against most recent results. It is pleasing to note that the GT intervals of the latest drill holes confirm grade continuity across this part of the Tumas 3 deposit, with the possibility of locally extending the known resource base in selected areas. Figures 3 and 4 show the results in cross-section. Phase two of the infill drilling program has commenced at Tumas 3 Central and Tumas 3 West, with the primary objective after the overall program including Tumas 3 East, -Central, -West and Tumas 1 East drilling of expanding the Life of Mine (LOM) from 11.5 years (as defined in the recently completed PFS) to 20+years. The drill program will then move to the last phase focused on resource upgrade drilling of Tumas 1 East. Following completion of the drill program, a new Mineral Resource Estimate will be produced for incorporation in the Tumas DFS to enable a 20+year life of mine. An intermediate, updated Mineral Resource Estimate for Tumas 3 East is expected to be announced late May. The Probable Reserves (as identified for the recently completed PFS), remaining Indicated and Inferred Resources on the Project and targeted resource upgrade drilling for the expanded DFS, have all derived from the testing of only 60% of the known regional Tumas palaeochannel system. Significant upside potential remains to further increase the resource base that is associated with this highly prospective target, with 50km of channels remaining to be tested. Recent Insider Transactions • Apr 04
Non-Executive Director recently sold R7.4m worth of stock On the 29th of March, Christophe Urtel sold around 935k shares on-market at roughly R7.86 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 17% share price gain to AU$8.75, the stock trades at a trailing P/E ratio of 60.4x. Average forward P/E is 8x in the Oil and Gas industry in Africa. Total returns to shareholders of 271% over the past three years. Reported Earnings • Mar 09
First half 2021 earnings released: AU$0.008 loss per share (vs AU$0.009 loss in 1H 2020) First half 2021 results: Net loss: AU$2.07m (loss narrowed 2.0% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Announcement • Feb 12
Deep Yellow Limited Announces Commencement of Targeted Follow-Up Drilling Program at the Barking Gecko Prospect to Test the Thick Uranium Intersections Discovered in TN236RC During the Previous Drilling Program Deep Yellow Limited announced the commencement of a targeted follow-up drilling program at the Barking Gecko prospect to test the thick uranium intersections discovered in TN236RC during the previous drilling program. The program involves 13 RC holes totalling 3,200m. The drilling commenced on 23 November 2020 and two holes were drilled before the Namibian office closed for the festive season. Deep Yellow is pleased to advise that follow-up drilling at the Barking Gecko prospect resumed in February, post the Christmas break, and has returned highly encouraging results from the latest two holes drilled. Barking Gecko is part of the Nova Joint Venture project (NJV) in Namibia. Japan Oil Gas and Metals National Corporation (JOGMEC) has completed its 39.5% earn-in obligation through expenditure of A$4.5M. Current joint venture equity positions are set out further in this release. As announced on 9 July 2020, exploration drilling on the NJV identified consistent, uranium mineralised intersections over a broad area in a number of sub-vertical, sheet-like alaskite dykes intruding into basement rocks. This exploration campaign successfully defined a zone of interest approximately 4km long and 1km wide, in a geologically favourable setting wrapping around a prominent domal feature. This target zone is referred to as Barking Gecko and is the focus of the current drilling program. Drilling of the Barking Gecko anomalous zone in June/July 2020 succeeded in intersecting thick zones of uranium mineralisation at the northern end of drill line 479,300mE. This promising result was followed up in December 2020 with two holes drilled at 100m spacing, TN243RC and TN244RC. These did not intersect the up or down-dip extensions of this mineralisation with only narrow mineralised intersections encountered. Televiewer down-hole logging technology (OPTV) was carried out during the Christmas break on the above two drill holes for structural analysis. This allowed critical re-interpretation of the structural setting of the mineralised alaskites, changing the interpreted orientation of the mineralising trends from East-West to Southwest- Northeast resulting in both the re-location and re-orientation of drill holes to the North-West to enable the mineralised target zone to be optimally tested. By 11 February two RC holes were completed on the reinterpreted target alignment with positive results achieved. The first hole, TN245RC, located 92m north-east of the July 2020 discovery hole (TN236RC), encountered 27m at 291ppm U3O8 from 36m. This is interpreted as the extension of the best intersections encountered in TN236RC, which returned 24m averaging 297ppm eU3O8 from 139m. The second hole, TN246RC, drilled 100m north-west from hole TN245RC, showed 6m averaging 228ppm U3O8 from 56m and 11m averaging 214ppm U3O8 from 73m. This confirmed the interpreted mineralisation trend and the high potential of the prospect. Figure 2 shows the drill hole locations at the Barking Gecko prospect. In-house portable XRF (pXRF) assaying showed that the mineralisation is uranium dominant with minor thorium associated. The uranium and thorium pXRF derived assays together with the associated mineralised intersections. The exploration results from the latest two holes that have been drilled are regarded as very encouraging with early results confirming the potential for extension of the previously identified thick intersections. Although early in the program, with only 1,001m drilled, results to date indicate the mineralisation is open both laterally and at depth on the newly identified target trend associated with the Barking Gecko mineralisation. It is expected that the 2,200m remaining to be drilled in this program, along with continued downhole OPTV surveys, will be sufficient to provide improved understanding of the mineralisation and potential of Barking Gecko and associated targets. The drilling program is expected to be completed in March. Is New 90 Day High Low • Feb 12
New 90-day high: R9.92 The company is up 154% from its price of R3.91 on 13 November 2020. The Namibian market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 20% over the same period. Announcement • Feb 11
Deep Yellow Limited Announces the Commencement of the Tumas 3 Reverse Circulation Infill Drilling Program Deep Yellow Limited announce the commencement of the Tumas 3 Reverse Circulation (RC) infill drilling program, located on EPL3496. The Project is held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd. (RUN). The drill program, due to commence 12 February, will initially focus on Tumas 3 East and West and is part of a larger four-month program that will also extend to drilling of the Tumas 1 East deposits. In all, a total of 700 to 800 RC holes are planned to be drilled totalling approximately 15,000m. Drilling is targeting the Tumas deposits, starting at Tumas 3 and ending at Tumas 1 East to infill existing wider-spaced drilling areas, better define the current remaining 51.2Mlb grading 249ppm U3O8 of Inferred Mineral Resource and upgrade this Resource to Indicated and Measured categories. All drill holes will be surveyed to provide equivalent uranium values based on down-hole radiometric gamma logging, carried out by qualified operators using a fully calibrated AusLog gamma logging system. Infill drilling is being undertaken to provide for additional Indicated Mineral Resources as input into an updated Ore Reserve estimate, for the recently commenced Tumas Definitive Feasibility Study (DFS). The Inferred category of mineralisation established within the deposits is remarkably consistent over an extensive length. The Company is confident that the remaining Inferred Mineral Resources associated with the Tumas deposits will convert to Indicated Mineral Resource, at a conversion factor similar to that achieved for the recently announced PFS. The uranium mineralisation occurring within the Tumas palaeochannel is of the calcrete-type, located within an extensive, 125km, mainly east-west trending, palaeochannel system. This mineralisation occurs in association with calcium and magnesium carbonate precipitations (calcrete) in clastic fluvial sediment filled palaeovalleys. Uranium minerals are dominated by carnotite, a uranium vanadate. The grade of the uranium mineralisation may vary considerably over short distances (metres), however at a larger scale (+100m and kilometres) the mineralisation is persistent and predictable both laterally and along the channel. The geology of this type of mineralisation is well understood, having been explored over many years. The Langer Heinrich uranium mining operation occurring within an adjacent palaeochannel system 30km to the north-east, mined this type of deposit. To date, only 65km of the 125km Tumas palaeochannel system has been adequately tested, delivering a total calcrete resource base of 110Mlb at a 100ppm eU3O8 cut-off grade and an average grade of 251ppm eU3O8. Of this total Mineral Resource, 52.6Mlb eU3O8 at 245ppm are of the Indicated JORC category occurring in the Tumas 1, 2 and 3 deposits. These were utilised in the Ore Reserve determinations for the PFS. Infill drilling in 2020 at Tumas 3 to upgrade a portion of the existing Inferred Mineral Resources succeeded in converting 95% of this Mineral Resource to Indicated Mineral Resource status. In the adjacent Tumas 1 and 2 deposits, Indicated Mineral Resources comprise 95% of the Mineral Resource base associated with these deposits suggesting a consistent overall conversion rate of 95% over 25km of mineralised palaeochannel. It is expected that similar conversions may be achieved in the drill programs already planned as a component of the DFS. Consequently, the Company is targeting to convert approximately 95% of the currently defined Inferred calcrete Mineral Resources remaining at Tumas 1 East and Tumas 3 East and West to the higher JORC categories. Since the host rock, type, grade and shape of the uranium mineralisation in the Tumas palaeochannel is very consistent, it is reasonably assumed, based on the Mineral Resource conversions already achieved, that the current Inferred Mineral Resources of 51.2Mlb eU3O8 may convert to Indicated material at similar rates as previously achieved. The successful resource upgrade, infill drilling program, undertaken during the PFS succeeded in converting 63% of the 42.9Mlb Indicated Mineral Resources at Tumas 1, 2 and 3 (at a 150ppm eU3O8 cut-off grade) to 30.1Mlb eU3O8 of Ore Reserves. As the forthcoming infill drilling program is targeting lateral extensions to the Tumas 3 deposit and the conversion of the shallow Tumas 1 East deposit, in total this upgraded material is expected to contribute materially to an updated Ore Reserve for DFS consideration at a rate similar to that already achieved in the PFS. Announcement • Feb 10
Deep Yellow Limited Announces the Completion of the Tumas Pre-Feasibility Study Deep Yellow Limited announced the completion of the Tumas Pre-Feasibility Study. The PFS evaluated the potential of the calcrete-associated uranium deposits located within the Tumas palaeochannel (Tumas Project or Tumas) in the Company's 100% owned Reptile Project (EPLs 3496 and 3497), located in Namibia. The positive economic outcomes achieved from the PFS have provided the Board with the confidence to approve proceeding directly to a Definitive Feasibility Study (DFS), which will commence in February 2021. In view of the stipulations with respect to the reporting of Technical Studies, Mineral Resources and Ore Reserves in the JORC, 2012. Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code), Deep Yellow herein uses only the Ore Reserves detailed in the maiden Ore Reserve Statement that was a product of the work completed as part of the PFS. The Ore Reserve estimate includes 40Mt of ore at an average grade of 344ppm U3O8 containing 31Mlb U3O8 of Probable Reserves. Infill drilling undertaken during the PFS has provided benchmark conversion rates for converting Inferred Mineral Resources to Indicated Mineral Resources in the Tumas region. The Ore Reserve estimation work undertaken for the PFS has also established a benchmark rate for converting Indicated Mineral Resources to Probable Reserves of 63%. These established benchmark ratios for the Tumas Project area have been an important guiding input in establishing the target for the upcoming DFS. The Tumas PFS was undertaken to further examine the potential viability of mining and processing the Tumas deposits, contained within a 30km radius of a proposed purpose-built processing facility following on from the positive SS competed in January 2020. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorated over the past week After last week's 19% share price decline to AU$6.71, the stock is trading at a trailing P/E ratio of 48.4x, down from the previous P/E ratio of 59.5x. This compares to an average P/E of 9x in the Oil and Gas industry in Africa. Total returns to shareholders over the past three years are 172%. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improved over the past week After last week's 20% share price gain to AU$9.27, the stock is trading at a trailing P/E ratio of 66.4x, up from the previous P/E ratio of 55.3x. This compares to an average P/E of 9x in the Oil and Gas industry in Africa. Total returns to shareholders over the past three years are 236%. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 28% share price gain to AU$6.71, the stock is trading at a trailing P/E ratio of 48.4x, up from the previous P/E ratio of 37.8x. This compares to an average P/E of 10x in the Oil and Gas industry in Africa. Total returns to shareholders over the past three years are 133%. Is New 90 Day High Low • Jan 06
New 90-day high: R6.71 The company is up 77% from its price of R3.80 on 09 October 2020. The Namibian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: R5.58 The company is up 41% from its price of R3.97 on 16 September 2020. The Namibian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 8.0% over the same period. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improved over the past week After last week's 18% share price gain to AU$5.51, the stock is trading at a trailing P/E ratio of 40.8x, up from the previous P/E ratio of 34.6x. This compares to an average P/E of 9x in the Oil and Gas industry in Africa. Total returns to shareholders over the past three years are 59%. Valuation Update With 7 Day Price Move • Dec 08
Market bids up stock over the past week After last week's 15% share price gain to AU$5.55, the stock is trading at a trailing P/E ratio of 39.9x, up from the previous P/E ratio of 34.7x. This compares to an average P/E of 9x in the Oil and Gas industry in Africa. Total returns to shareholders over the past three years are 64%. Valuation Update With 7 Day Price Move • Nov 25
Market bids up stock over the past week After last week's 17% share price gain to AU$4.72, the stock is trading at a trailing P/E ratio of 35.3x, up from the previous P/E ratio of 30.2x. This compares to an average P/E of 9x in the Oil and Gas industry in Africa. Total returns to shareholders over the past three years are 47%. Is New 90 Day High Low • Nov 24
New 90-day high: R4.32 The company is up 40% from its price of R3.09 on 26 August 2020. The Namibian market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 4.0% over the same period. Announcement • Nov 14
Deep Yellow Limited Announces Commencement of Drilling At the Barking Gecko Deep Yellow Limited announced the commencement of drilling at the Barking Gecko prospect on EPL3669. As indicated previously (9 July 2020), breakthrough results were achieved at Barking Gecko which has justified continuation of activities on this anomalous uranium target, with all parties involved in the Nova Joint Venture (NJV) agreeing to proceed with further investigations. In September 2020, Japan Oil, Gas and Metals National Corporation (JOGMEC) achieved its 39.5% earn-in interest of the NJV, having spent AUD 4.5M over the past four years. The equity position of the parties in the NJV is now as follows: Reptile Mineral Resources & Exploration (Pty) Ltd. Subsidiary of Deep Yellow Limited: 39.5% (and Manager); Japan Oil, Gas and Metals National Corporation (JOGMEC): 39.5% (right to equity); Nova Energy (Africa) Pty Ltd. Subsidiary of Toro Energy Ltd: 15%; Sixzone Investments (Pty) Ltd. Namibia: 6% (carried interest) Post completion of the JOGMEC earn-in, all parties in the NJV have agreed to a six-month budget of AUD 570,000 to 31 March 2021 to fund the next drilling campaign at Barking Gecko, which will initially focus on targeted follow-up drilling where thick intersections of uranium were intersected, analogous to that occurring in the Rössing and Husab uranium deposits. This drilling program will involve a 13-hole RC program totalling 3,200m, initially to test in the vicinity of the positive holes that were drilled in the previous program and establish a better understanding of the 4km by 1km prospective zone that has been delineated. Importantly downhole logging to obtain optical imagery will be carried out to better determine the structural orientation of the zones of mineralisation, in addition to the routine gamma downhole logging that will be undertaken. This program may also involve drilling of some diamond core tails to enable closer examination of the mineralised zones. The first phase of drilling is planned to commence on 13 November 2020, with completion expected by mid-December 2020. On analysis of these drilling results, the second phase of the drill program is anticipated to start mid/late January 2021. Announcement • Sep 24
Deep Yellow Limited Announces Drilling Success Continuing At Tumas 3 Deep Yellow Limited announced the completion of the first phase of the current RC drilling program at the Tumas 3 deposit, located on EPL3496. The project is held by Deep Yellow through its wholly owned subsidiary Reptile
Uranium Namibia (Pty) Ltd. (RUN). The program as previously announced, commenced on 7 September and as of the 21 September, 38 holes for 824m have been completed. The first phase of the program was focused on the Tumas 3 deposit, to allow completion of the reserve estimation work and provide further geological information for process optimisation for the ongoing Tumas Pre-Feasibility Study (PFS), which is due to be completed in the December quarter. Drilling at Tumas 3 continues to deliver successful results, with 92% of the recently completed 38-holes returning uranium mineralisation greater than 100ppm eU3O8 over 1m, with 79% showing uranium mineralisation of greater than 200ppm eU3O8 over 1m. The equivalent uranium values are based on down-hole radiometric gamma logging carried out by a fully calibrated Aus-Log gamma logging system. Importantly, the latest set of results confirm previous drilling success at Tumas 3. These positive results are reflected in Figure 2, which outlines GT (grade x thickness) in colour code, comparing previous drilling results against most recent results. The GT of these infill holes combine strongly with those generated from the previous drilling and provide the Company with a high-level of confidence regarding the robust nature of the Tumas 3 mineralisation. It is important to note the spectacular intersection in hole T3I284, which returned 7m at 5,820ppm U 3O8 (0.58%), the highest-grade intersection recorded on this deposit to date. The Tumas 3 uranium mineralisation is of the calcrete-type, located within an extensive, mainly east-west trending, palaeochannel system. Uranium mineralisation occurs in association with calcium carbonate precipitations (calcrete) in sediment filled palaeovalleys. The mineralisation at Tumas 3 occurs as a discrete mineralised deposit, occurring separately from the other uranium deposits within this fertile palaeochannel system, namely Tumas 1 (which also includes Tumas 1 East) and 2 and Tubas Red Sands/Calcrete deposits. The palaeochannels occurring west of Tumas 3, Tubas Red Sands and Calcrete deposits have only been sparsely drilled along widely spaced regional lines, with large sections remaining completely untested. With only 60% of the known regional Tumas palaeochannel system drilled, significant upside potential remains to further increase the resource base that is associated with this highly prospective target, with 50km of channels remaining to be tested. The key purpose of the drilling work completed to date was to collect 1000kg of mineralised material to be utilised for further metallurgical testing. This has been achieved and the metallurgical samples are expected to be shipped by sea container to Perth in October. The drilling program at Tumas 3 continues with an additional 52 RC holes planned in support of resource and reserve estimation work, which is currently in progress. Cube Consulting Pty Ltd. has been appointed to carry out pit optimisation and reserve estimations for the Tumas PFS. 
