Quarterly Activities Report for the Period Ending 30 June 2024

Deep Yellow Limited (Deep Yellow or Company) is pleased to provide a summary of key activities completed in the June 2024 quarter.

Tumas Project

• Ausenco Services Pty Ltd selected as preferred EPCM contractor for the flagship Tumas Project
  • Scope of work to be completed includes finalising detailed engineering with an EPCM contract opportunity for project execution
  • Project remains scheduled for commissioning Q3 2026
• Resource upgrade drilling at Tumas 3 completed with data preparation underway for release of updated Mineral Resource Estimate early August
• Post Quarter – Nedbank Limited mandated as lead arranger and bookrunner for project financing

Mulga Rock Project

• Hydrological drilling program commenced to define water management parameters for mining
• Several remaining evaluation programs underway, results to be key inputs for the revised DFS
  • Resin pilot program commenced for optimisation of uranium and critical minerals extraction
  • Mining study underway to determine optimal method for development of the multi-commodity mining operation and revised Ore Reserve Estimate

Corporate

• Deep Yellow enters the S&P/ASX 200 Index
• Successful A$250M capital raising completed
• Cash position – A$257.5M

FLAGSHIP TUMAS PROJECT (Namibia)

Development Status

Significant progress has been made on the development of the Tumas Project (Tumas or the Project), which remains the primary focus of the Company.

Ausenco Services Pty Ltd was selected as the preferred EPCM contractor for the Project and appointed to undertake the Engineering, Procurement and Construction Management (EPCM) services in two phases. The first phase involves completing sufficient detailed engineering to allow the Board to make a Final Investment Decision (FID) as well as a range of early works requirements and major equipment ordering prior to FID. The second phase of the engagement comprises the completion of design and project execution, with ore commissioning scheduled for August 2026.

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