Deep Yellow Limited (DYLLF) March 2024 Quarterly Activities Report

Deep Yellow Limited (ASX:DYL) (FRA:JMI) (OTCMKTS:DYLLF) is pleased to provide a summary of key activities completed in the March 2024 quarter.

HIGHLIGHTS

TUMAS PROJECT

- 650-hole resource upgrade program commenced in late February 2024 at Tumas 3

o Primary objective to define 6 years of proven reserves for detailed mine scheduling

o An associated diamond drilling program will provide supporting data for reserve upgrade purposes

- Tender process underway to select the detailed engineering and EPCM service provider

- Uranium offtake marketing underway, and discussions commenced with financiers for debt financing component

MULGA ROCK PROJECT

- Successful resource upgrade completed with a 26% increase in total contained uranium to 71.2 Mlb U3O8 from 56.7 Mlb U3O8 ata 100 ppm U3O8 cut-off grade, with a substantial uplift also achieved in critical mineral value (including Rare Earth Oxide)

o 86% of Mulga Rock East uranium resource in Measured and Indicated classification using a 100 ppm U3O8 cut-off grade

o Various critical minerals' inventory (Cu, Ni, Co, Zn component) increased by between 200% and 400%

o Updated total Mineral Resources Estimate at Mulga Rock East deposits:

- Ambassador: 73.9 Mt at 605 ppm U3O8 Equivalent

- Princess: 7.3 Mt at 425 ppm U3O8 Equivalent

- Definitive Feasibility Study revision to commence Q2 CY2024 following positive resource upgrade and metallurgical testwork results

- Mulga Rock West deposits remain to be assessed and eventually integrated with the Mulga Rock East mining operations

CAPITAL RAISING

- Successful A$250M capital raising to advance Tumas towards production, progress Mulga Rock and provide working capital

- A$220M raised at A$1.225 through a placement, with significant interest from a broad range of high-quality domestic and international funds, combined with strong support from existing institutional shareholders

- Subsequent to quarter end, A$30M raised through a Share Purchase Plan to existing shareholders

CORPORATE

- Cash position at end of March 2024 A$155.614M (December 2023 cash position $25.248M)

- Uranium market outlook continues to be very strong with nuclear demand expected to continue outpacing supply over the mid-term

- Anticipated additional funds with receipts of approximately A$5M expected during 2024 with the majority relating to claims to be lodged for R&D reimbursement for financial year 2023

*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/70JG7L9H

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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