Deep Yellow Limited (DYLLF) September 2023 Quarterly Activities Report

Deep Yellow Limited (ASX:DYL) (FRA:JMI) (OTCMKTS:DYLLF) is pleased to provide a summary of key activities completed in the September 2023 quarter.

TUMAS PROJECT

- Two-phase 235-hole, 8,017m RC resource and infill drill program completed

- Drilling targeted areas west of Tumas 3, with the objective of expanding the current resource into Tumas 3 West and Tumas Central

- Best intersections included

o T3I1273: 6m at 721ppm eU3O8 from 22m
o T3I1300: 8m at 172ppm eU3O8 from 27m o T3I1408: 4m at 329ppm eU3O8 from 13m
o T3I1435: 7m at 378ppm eU3O8 from 27m
o T3I1457: 6m at 267ppm eU3O8 from 25m

- Results provide a robust platform for progressing Tumas towards a +30-year Life of Mine (LOM) from the current 22.5-year LOM and will be part of continued drilling for resource and reserve upgrades

- Metallurgical program indicates improved outcomes from Definitive Feasibility Study (DFS) position, with increased NPV and lower operating costs expected to be realised

- Tumas Mineral Resource Estimate upgrade expected in late Q4 2023

MULGA ROCK

- 656-hole drill program for 36,647m completed

o 423 aircore hole, 21,853m infill drill program to upgrade resource classification for uranium and critical minerals

o 233 aircore hole, 14,794m close-space drill program to establish grade variability and provide additional material for metallurgical analysis

- Updated Mineral Resource Estimate (MRE) expected in late Q4 2023 and will include both uranium and critical minerals

- Ongoing metallurgical testing on to define leaching characteristics of the critical minerals indicate significant value uplift potential

- Revised DFS scheduled to commence in 2024, which will incorporate critical minerals recovery

CORPORATE

- Strong global nuclear resurgence forecast with positive implications for supply demand

- Uranium Spot Price movement during the Quarter was substantial as reported by Trade Tech

o Up by an impressive US$17.15/lb from US$56.00/lb to US$73.15/lb

o Term Price up from US$53/lb to US$62.00/lb

- Cash position at end of September 2024 $27.258M

- Anticipated additional funds with receipts of approximately $5M expected during FY 2024 relating to claims lodged for R&D reimbursement and loan plan share receivables

*To view the detailed quarterly report, please visit:
https://abnnewswire.net/lnk/A2QLF4IS

John Borshoff
Managing Director/CEO
T: +61-8-9286-6999
E: john.borshoff@deepyellow.com.au
W: www.deepyellow.com.au

Media:
Cameron Gilenko
T: +61-466-984-953
e: cgilenko@citadelmagnus.com

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