Deep Yellow Limited: June 2023 Quarterly Activities Report

Perth, Australia - Deep Yellow Ltd. (ASX:DYL) (FRA:JMI) (OTCMKTS:DYLLF) is pleased to provide a summary of key activities completed in the June 2023 quarter.

TUMAS PROJECT

- Commencement of two-phase 340-hole, 9,500m reverse circulation drill program

- Primary focus of the program is to expand the resource base from the current 22.5-year Life of Mine (LoM) to greater than 30 years:

o Phase 1 completed with 103 holes for 3,973m and targeted areas west of Tumas 3

o Phase 2 underway and will comprise of 125 RC holes for 4,500m, with infill drilling focused on Tumas 3 West and Tumas Central

o An updated Mineral Resource Estimate (MRE) can be expected in late Q3 2023

- Front End Engineering Design (FEED) commenced, with design assumptions of the Definitive Feasibility Study (DFS) being materially confirmed

- Metallurgical test work commenced to test ore variability and further optimise beneficiation, membrane concentration, metal recovery and reagent recycling

- Environmental Impact Assessment (EIA) submitted to the Environmental Commissioner for consideration

- Discussions and negotiation for water and power supply to the Project area are ongoing

MULGA ROCK

- Commencement of two-phase 630-hole 37,000m air core drill program

- Post quarter end, 70% of program completed and delivering positive results

- Phase 1 grade variability drill program completed comprised of 233 holes for 14,794m

o Program developed to gain a clearer understanding of reserve/resource variability, ore grade control parameters and distribution of critical minerals

- Phase 2 resource infill drilling underway with program 60% complete and focused on:

o Resource upgrade and classification of uranium and critical minerals.

o Providing additional material for metallurgical testing

- Initial resource evaluation on a "whole-of-ore basis" indicates a potential uplift in Project value when critical minerals are considered in conjunction with uranium

- Full air core program on track to be completed in Q3 CY2023

o Following assessmentof results, Deep Yellow expects to release an updated MRE in Q4 CY2023, which will include both uranium and the critical minerals.

ALLIGATOR RIVER

- 27% increase in Inferred Mineral Resource for the Angularli deposit

- Inferred Mineral Resource for the Angularli deposit now stands at 32.9Mlb U3O8, for 1.37Mt at 1.09% U3O8 using a cut-off grade of 0.15% U3O8

CORPORATE

- Appointment of Tim Lindley as Non-Executive Director

- Cash position at end of June 2023 $40.8M

- Anticipated additional funds with receipts of approximately $8M in Q1 & 2 FY 2024, majority relating to R&D reimbursement

To view the full quarterly report, please vist:
https://abnnewswire.net/lnk/V20L984H

About Deep Yellow Limited:

Deep Yellow Ltd. (ASX:DYL) (OTCMKTS:DYLLF) (Namibian Stock Exchange:DYL) is a differentiated, advanced uranium exploration company, in predevelopment phase, implementing a contrarian strategy to grow shareholder wealth. This strategy is founded upon growing the existing uranium resources across the Company's uranium projects in Namibia and the pursuit of accretive, counter-cyclical acquisitions to build a global, geographically diverse asset portfolio. A PFS has recently been completed on its Tumas Project in Namibia and a DFS commenced February 2021. The Company'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.

Source:
Deep Yellow Ltd.

Contact:

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